Good morning, everybody. Thanks for coming on this rainy morning in New York City. Very glad to have you all here. Also hello to everybody who's joining us online. Maybe good afternoon, good evening, wherever you are. I'm so excited to share all the fantastic information that the team has put together for you today. Yeah, maybe let's just get right into it. Our investor day, it's actually the first investor day that Lucid Motors has done, is under the motto, Accelerating to Profitability. This is our North Star, really focusing on profitability. I want to quickly walk through a couple of things that we are going to cover throughout the day. Actually, what I would like you to take away is what we have written here, what I'm sharing with you, what are the main key takeaways. First of all, we have a clear vision to be the leader in mobility technology. Second of all, we have a very, very strong existing product portfolio. Lucid Air is number one selling EV in its segment. Gravity is off to a good start, and we obviously plan to expand on this, and we will talk about this later. We are launching our midsize platform at the end of this year. Midsize is a very important platform and product for us, big portion of our future, and that's why we actually spend most of the time today talking about midsize and how are we making it possible that the same DNA, our compromise-nothing ethos that we have established with the Air and the Gravity, we are also able to put into the midsize, but at a completely different price point. We also talk about our strategy in autonomy, which we actually started in 2025, in which we are progressing in the future. It's a very important topic for us. I really wanna emphasize it's not a one-off where we, you know, do one deal and then move on to the next. Playing a big role in that upcoming robotaxi market is a strategic endeavor for us. Autonomy is not only important for robotaxis, it's also important for consumers. We're also doubling down on that and creating new revenue streams, high-margin revenue streams that we can add to our portfolio of revenue-making offerings. We are working and continue to improve our operations to be able to scale in a very affordable way and capital-light way, and we go into those details later on. Last but not least, showing you the path to profitability, to cash flow positive by the late decade. If you take nothing else away, please remind those things after you leave today. Let me start with our vision. Through technology, we're creating exceptional experiences to drive the world forward. Let me unpack this a little bit. First of all, technology. I think it's widely known that Lucid is very obsessed about technology. Some people say we're doing it a little bit too far, but that's what we are. That's what brought us where we are right now as a company, and we will not relent there. It is our ethos. This is what we're focusing on also in the future, and you hopefully see this today throughout the day. We're not doing this only because of. For the sake because we like to do technology. We're doing this to create exceptional experience that benefit the customer and that make customers want our vehicles or other offerings, that we offer. It's very important to say it's not a technology is not just a thing for itself. We do this to create exceptional experiences. Drive the world forward. We always try, and we actually always do, push the boundaries. We don't want to do what everybody else does and stop when people say, "Oh, it can't be done." We always want to push the boundaries and drive the world forward. Let me start with our current product portfolio, the success that we have with it, and, you know, how we go from there. The Lucid Air in 2025 was the number one best-selling luxury sedan in its segment. As you can see on this chart here, we outsold everybody on the EV, ICEV side in our segment. Actually, we're defining this segment pretty wide, as you can see here. The ones that are on the tail end, we didn't even put on the chart. Otherwise, there would be probably 10 more on the lower end. Yeah. Here's the thing. We're not only number one in the EV segment, but in the whole segment, including all internal combustion engines vehicles, we are number three. The whole segment, luxury sedan segments, we are number three selling vehicle. The Lucid Air sedan is the number three selling vehicle in that whole segment, which we believe actually shows that our car is not only good as an EV, but it's actually, we personally say, is the world's best damn car. Then Lucid Gravity. Gravity is off to a good start. We ramped it up last year, and then when you compare it to other vehicles that have been introduced in the market, and you look at, hey, three quarters after the introduction into the market. We are right there where the Rivian R1S was at that time, slightly behind the Tesla Model X. Let's not forget, Tesla Model X was in completely different time. There was no competition at that time, yeah. Off to a good start here, and we obviously want to build on this. Awards. It's probably known by everybody that Lucid received a lot of awards. As a matter of fact, the Lucid Air, and now also the Gravity, have received more awards than those four esteemed brands that you can see here together since inception in 2022. It's not only the Air, it's also now the Gravity, yeah? For instance, the one that you see, the first ones that you see here, Car and Driver Ten Best list. Gravity was now also elected to be in the 2026 Car and Driver Ten Best list for the first time. Air got the same, the third time in a row. There's a little fun fact on this. Lucid is the only brand where all of their vehicles are on the Ten Best list of Car and Driver. I know. We don't have that many vehicles, so it might be easier for us than others, I know. On top of that, I'm personally very proud of the one in the lower left. Last year for the Lucid Air Sapphire, becoming the German Performance Car of the Year last year. You probably know I'm German, so very surprising for me that German journalists, not just anywhere, but 32 esteemed journalists picked the Lucid Air Sapphire as the Performance Car of the Year. Very proud of that. This picture here shows what Lucid is today. Centered around our two awesome vehicles. We have fantastic interior, as you can see on the upper right, very luxurious interior. Fantastic driving dynamics, traction control on the upper right. Repeatedly also talked about by very critics. We have built our production platform. We invest a lot in the past, which is now tapering down. We will hear about that later on. We have awesome EV technology drive units, but also our battery packs. That's what everybody knows about Lucid, centered around Gravity and Lucid Air, and about, I would say, fun to drive, thrill to drive, and obviously efficiency. Where are we going from here? Our strategy obviously is grounded in maximizing what we have built with Air and Gravity. We will go throughout the day in what we're doing there and how that is progressing. On top of that, Midsize, a very important new platform for us. Start of production, end of this year, and then ramping up throughout 2027, and then in the later years. Extremely important for us, and we will talk about that in further detail. On top of that, we continue to drive forward our already pretty strong software-defined vehicle platform and software innovations, not only for the sake of innovations, but also to provide new awesome products and experiences to our customers, and add new revenue streams that we haven't had in the past. Last but not least, as I mentioned in the beginning, the robotaxi space is strategic for us, and we aim to lead in that space and have a big portion of that market. Scaling is very important for an automotive manufacturer. When you look at the Air and the Gravity in the lower right, the market that we're looking at right now, in the countries that we are in, or which we are expanding into, we're looking at a $40 billion total addressable market. With adding the midsize platform, we get it—we're going from $40 billion, almost 10 x higher to $350 billion. If you then add on top of that the robotaxi market, which is the different estimations of how big it is going to be, rank somewhere between $300 billion and more than $1 trillion. We just want to stay on the low side. That's why we, you know, just use the $300 billion. We're adding that, and as you can see, it almost doubles then our addressable market compared to what we're doing with our personal-owned vehicles. Why is scaling so important, and why is growing into midsize so important? Well, when you look here on that slide, on the left-hand side, you see last year's Gravity unit cost. Let's take that as 100%. If you look at our projected unit costs for the Midsize in 2028. We see a reduction of 60%-70% right now. A dramatic reduction of unit costs for the Midsize. Which you would assume because it also comes at a, you know, lower price point, which we'll talk about later as well. That's not the only thing. It's not only about Midsize, it's also about the rest of our portfolio. Because that scaling, that efficiency gain also allows us to reduce the unit cost of the Gravity, which is shown here right now, by 30%-40%, and also the Air, obviously. For the whole business, scaling drastically changes the unit economics. That's what we're working on, and that's why we are pushing forward with the Midsize so much. We have some very interesting details about that later in the presentation. It's not only about the material cost, it's also about manufacturing efficiency. We're working very hard, and you have seen in last year that after in the beginning, a little bit slower ramp-up than we were hoping for of the Gravity, we were basically creating a hockey stick in Q4, doubling our production from Q3 to Q4. For the total year, we doubled our overall production. We did that because we really focused very much on improvements on our supply chain. As you all remember, 2025 was probably the worst year for supply chain I can remember, with all of the things that happened. I'm talking about additional tariffs, talking about magnets, talking about other issues like fires in aluminum plants. At the end then we had issues about the chips availability. A lot of things went the wrong direction, but we overcame them. We also were able, from the beginning of 2025 to the end of 2025, to really drive down already the BOM costs of the Gravity by 25%. On the production, I just mentioned almost doubled the production throughout the year and also significantly decreased the Gravity production cost, which is now also continuing as I just showed you on that on the slide. On the quality, actually going back a little bit longer, since we started with the Lucid Air, we drove down our warranty costs by 85%. That's another big topic of us for cost reduction. When it comes to supply chain, we obviously have still work to do. I mean, one big thing, for instance, right now the way it looks, those external disruptions don't seem to slow down. Therefore, we are rethinking and reworking our supply chain to make sure that we are even more insulated from external shocks. Obviously, we are in a very good position with our bill of material costs right now with the midsize. We need to land that, the last little bit that is missing, stay there, and then get into production with the midsize. I would like to talk about software innovations. We have tons of software in our vehicle. Much of it is actually not necessarily visible to the eye. When you look here on the lower part of that slide, these are all things like traction control, our driving dynamics, our efficiency that leads to our enormous range, fast charging. All these things are enabled. Obviously, there's hardware involved, but it only gets as far as we get it because of fantastic software. Then we have what the eye sees, which is the infotainment. Here, for instance, with the Gravity, we have our new UX 3.0. We have Surround Sound Pro, which I'm a very big fan of. I think I talk about it a lot, and everybody knows that. We have also CarPlay in the Air and Android Auto. You also see when you look at our ADAS features, our DreamDrive Pro, you obviously see a little bit, you know, the vehicles driving around in the display. But the biggest portion of that technology is under the hood. Yeah. Again, a lot of software. We know though that when people look at software, what they talk about is very often, "Hey, that's what I see." We do a lot of things now to make it also clearer and provide new offerings to our customers on the visible piece. Let me tell you a couple of informations about that. Actually, yesterday, we announced that we're now rolling out CarPlay into our Gravity vehicles. Over the next couple of days, and then globally weeks, all existing owners will get an update which then has CarPlay or Android Auto built in. We're also launching an intelligent AI assistant. You will hear more and see more about that later today. We're bringing hands-free driving, which we already have in the Lucid Air, into the Lucid Gravity in Q2. We're bringing back the new user interface that we have on the Lucid Gravity back into the Lucid Air in the existing vehicles in summer. We also launched Digital Key in the Lucid Gravity in summer. By the end of the year, we will have in-city hands-free driving in city and in the Lucid Gravity. We also have a new product coming, which we talk about later, Vehicle-to-Home. But that's maybe something for a later event. A lot of things are going to come into our vehicles, into our existing vehicles and in our new vehicles that are very visible for customers. Actually several of those, including CarPlay, ones that customers are banging at our door, you know. Why is it not there yet? It's there starting right now. I tried it, I used it, works perfectly. Going to autonomy, as I said in the beginning, very, very important for us. It's a new addressable markets for vehicles, but it's also a new addressable markets for revenue, software revenue that we are embarking on. How are we doing that? Well, first of all, we obviously start with our L4-ready vehicles, and we will hear about this throughout the day. Also, the efficiency that we have, the efficiency leadership helps us, particularly in the robotaxi market, where, you know, cost of operations is actually a very important topic, even more important than the purchase price or the cost of the actual vehicle in the beginning. We are working with best-in-class partners in order to do all this with a very capital efficient approach. As I mentioned, not only at this investor day, but right now, Lucid is accelerating to profitability, and therefore, we want to do everything that we do in a way that is capital efficient, and at the same time provides exceptional experience to our customers. That's why we are partnering on autonomy, and that's why we are not spending as much capital as others may do or are about to do. Last but not least, I already said that it's not only about robotaxis, it's also about providing this to our consumer vehicles as something that, you know, you could compare as FSD or better. What does this mean? What does this lead us to? Lucid Tomorrow. In the middle here of the slide, you still see our vehicles. Nothing's changing here. We're still grounded on our awesome vehicles. Our compromise nothing approach when it comes to, you know, the traditional vehicle attributes will continue, but we add much more around the software, around user interfaces. You will see later on first hints of our UX 4.0 that really takes our user interface to the next level. We will have more robotaxis than what we have already announced in the future. We have an AI assistant, and we will have an even more productive environment on the manufacturing side, all to in the end become profitable. As I just said, the core is the same. We're playing in a much bigger TAM. We're adding our software capabilities and making actually money with that. L4 is our North Star to get there as fast as possible, and in the end, be a profitable company and cash flow positive. With all that, I would now like to hand over to my colleague, Erwin, our Senior Vice President of Global Revenue, to tell you more about how we are continuing with Air and Gravity before we then later on go into midsize. Erwin. Join me up. Thank you, Marc. Thank you, and thank all of you for coming out today, and thank you to the listening audience online as well. I'm really excited about the opportunity to talk to you about what we've been doing, how we got here, and where we're going in the future. Today I'm gonna tell you a story. I'm gonna tell you a story about Lucid Air and what we've done to get here, how we're growing Lucid Air, how we launched Gravity and scaled Gravity with a magnificent growth in Q4. I'm gonna talk to you about our distribution network. We've got to deliver these vehicles, so we're growing our distribution network around the world. There's 42 new locations around the world. I'll land on this new diversified revenue source. It's $1 billion of revenue, but I really like it. I'll tell you why I like it in a little bit. For Lucid Air, Mark already spoke about the fact that this vehicle was the most awarded vehicle since inception. It's great for us that it's been growing like it has consecutively year over year. Last year ending up number one in its segment. It's not just that we're number one in our segment for last year in the EV segment. Six consecutive quarters leading its EV segment. Last two Q3 to Q4, that growth is 23% in volume and 30% in market share, really solidifying our position. We're gonna continue growing that position. I'm excited about that. We launched Gravity and started scaling Gravity. You can see from Q3 to Q4, 4x growth in Gravity deliveries. Really excited about that. Positioning us well for continued growth with this vehicle. Already winning awards. Gravity has gotten off to a really good start for us. One of the reasons I like Gravity is because 80% of the customers coming into Gravity are actually new to Lucid. We're growing, we're expanding our attainable market, and I like that. The other thing I like about this is that 28% of the conquests in the Gravity are coming from non-SUV segments. I like to say we're actually growing the SUV segment with this vehicle that's not just the best EV on the planet, it's the best damn car. Don't listen to us. Let's look at what some of the critics and our writers in the industry and outside have had to say. MotorTrend said, "This is the best. As good as an EV SUV gets." I actually think the EV was a typo. I think they meant to say it's as good as an SUV gets. If so, I agree with them. This is literally as good as an SUV gets. Then Esquire, as we won the 2026 Car of the Year, said, "The car defies the laws of physics." It's true. Who would have thought that an SUV that carries seven people and their luggage can also get 450 mi of range on a single charge? Oh, by the way, outperform sports cars on the straightaway and around curves and in every other way. Oh, by the way, still maintain the maneuverability that we love in parking. It does things that shouldn't be possible. That's defying the laws of physics. Then I really like TechCrunch because they highlight how our brand and our brand promise comes to life. Compromise nothing. In their first Gravity test drive, TechCrunch says, "It's an electric SUV that doesn't make compromises." I love it when we work and we put our hearts and soul into our promise, and that promise is appreciated. Don't just listen to us. Of course, I'm the SVP of Global Revenue, I'll tell you that. I want you to listen to somebody else. This is one of the most popular tech reviewers on the planet. Not a car guy, a tech reviewer, just happens to love cars. When we heard that he test drove our Air, I of course, was very interested in hearing what he had to say and what he was gonna tell his 20 million followers who have looked at his videos billions of times. Let's listen to what Marques Brownlee has to say. I daily drove a Model S for many years. I said they were basically the best daily driver you can get. I found one that I feel like one-upped the Model S in every useful way, and that was the Lucid Air. I think they just do the packaging so much better. It drives super well. They have a lot of space on the interior. They have a power opening front, more front space. They have more rear foot space. They have better headroom. It also has CarPlay and Android Auto. All the things about being in the car are great. Yeah, Lucid Air, that's the obvious alternative. That's pretty cool. I was excited about that. When I thought it couldn't get any better, I heard he also drove a Gravity. Here's what he had to say about the Gravity. The Lucid Gravity, as far as a rock solid, like, does all the normal fundamentals of an EV better. 800+ horsepower, drives amazing, has great suspension, great NVH, super quiet, ton of space on the inside, a ton of storage, great premium materials. It's just aimed at being the ultimate alternative to the Model X. Yeah, it succeeded. Thank you. The only thing he didn't say was otherworldly. I mean, this thing is unbelievable. I know the EV industry has been seeing some headwinds. You know that, I know that. I'm not gonna shy away from it. The reality is we're still very bullish. Globally, we have good reasons to be bullish. When we look at the S&P Global Mobility forecast for the growth of EVs globally, excluding China. If China were included, this would be a much bigger number. But look at the growth at the darker portions of the bars. This is from 2025 to 2035, 15% compound annual growth rate. That's stunning. By the way, that's when the gas-powered cars over that period will be declining. We are growing. Our segment's growing. Our industry is growing. We're very bullish. 3.5x in the next 10 years. Why would you believe these numbers? I know you see a lot of forecasts out there. Think about this. Whenever there's new technology, there's this hype, this technology hype. There's a hype curve out there where everybody gets excited about the new technology. They don't know what it is, but they want one. Then they begin questioning themselves, and then they chase after some new shiny object. As adoption takes and people realize that, in this case, the EV makes a lot of sense. They don't have to go to gas stations and smelly up their hands or stand in a dark gas station getting gas at night. They can just plug it at home. Oh, by the way, the cost of ownership is so much lower and the performance is instantaneous. Oh, by the way, it's the only thing robotaxis will work on. These vehicles get better with time every day. As a matter of fact, I'm downloading software on mine right now. Right as I speak, like any other great investment, my investment is increasing in value as it gets better. That's why we believe this will go. Let's overlay the hype cycle over the S&P data, and it matches almost exactly. We're just at the bottom of what we call the trough of disillusionment as we begin to grow and get traction. Globally, we're gonna grow. We're gonna continue to grow, and I'll explain to you why in a few slides. We've also had some industry tailwind. Recently, you might have heard that one of our competitors, who will not be mentioned, announced that they're gonna cancel production of the Model S and Model X. There's 350,000 of those vehicles in the parking lot in the United States. We're gonna help those people learn about Lucid and learn that they can upgrade, just like Marques told us, from their Tesla into a Lucid. This is happening every day. How do I know that? Well, for people trading in their Tesla Model X, Lucid Air is the number one vehicle they go to. Not by a little bit, by a factor of 2x versus their next choice. We are the obvious choice. Gravity is following in precisely the same footsteps. Gravity is also the number one choice of customers trading out of a Model X. We're already there. We're confident that we're gonna get more than our fair share of that car park. In order to do that, we have to scale production. Last year, we started scaling production, as you know, the second half of the year. The dark bars represent our scaling throughout the year. You can see here that by September, we had already achieved the run rate required to hit our initial 2025 targets. By November and December, we got to the 2026 rate. We've proven that we can scale. We're scaling production, and we'll be able to deliver. In order to deliver these vehicles, however, we need a distribution network. We need a global distribution network, and this map represents where we are today, the United States, four countries in Europe and the Middle East, with the white dots being where we are currently. You can see where we're going to be in just this year, in 2026. We're adding seven new locations in the United States, which by the way, happens to be 15% more than we have now. It's that same compound annual growth rate. I found it interesting that the growth rate of electric charging infrastructure is also 15%. There's some truth here, and there's some consistency. Adding these seven locations in North America this year is gonna help position us not just to deliver this year, but to position us for midsize and the good things we're gonna do with that product you'll hear about a little later. We're adding 10 new locations in the Middle East and 25 in Europe, including all of these countries in the lighter gray. We're going into Europe. Why are we so bullish in Europe? Well, the EV adoption rate in North America by the end of this year will still be just 8%. In Europe, it'll be 20%. We need to be in that market. We need to grow in that market. We need to succeed in that market. We're focusing there with a 200% increase in our distribution network. In particular, in Europe. There we go. Yes, in particular in Europe, you can see the countries that we're in. Seven new countries will be represented this year. We already have, in fact, late-stage LOIs for these seven countries for these 25 locations. Germany is particularly interesting as Marc spoke about the German performance car of the year being our Lucid Air Sapphire designed and engineered and built here in America. I absolutely love it. We're gonna be in Germany. We already have two locations identified and we're moving in, and then we've got 10 other locations with late-stage LOIs. We're really gonna double down in the German market as part of the broader European operation. Our distribution network looks a little different here than it does there, and I'm gonna explain that. In North America, we have enjoyed really favorable retail economics. By going directly to consumer, we cut out the middleman, and the middleman's gotta get paid, so why not pay ourselves, right? We're gonna retain that. More importantly, we will retain the relationship between us and our customers. From discovery to shopping to acquisition, ownership and service, and then reacquisition. Oh, by the way, this recurring revenue from software, we 100% want to retain that relationship, especially as we grow. This is the heart and soul of our brand, and we need to make sure that we deploy our culture and the Lucid brand properly here. Now, in Europe and the rest of the world, we have other challenges. We need to scale quickly. We're just scratching the surface in Europe. We need to scale quickly, and we need to do it in a capital-efficient way, and so we're engaging partners. We have more of an indirect model in Europe that allows us to pull ahead our growth of our network by up to a full year with 85% less upfront capital. That's smart growth, it's intentional, and it's demand-driven. That's why we're taking a different approach in Europe. I started out telling you about additional diversification of our revenue streams, and I love new revenue streams. This billion-dollar opportunity, I know $1 billion in and of itself. Well, I'll take it, but I really like it because when I look at the sources of the $1 billion, that gold bar is gold for a reason. In fact, it's gold for three reasons. One is that's where the money is, okay? Secondly, this is really high-quality revenue, very high margin. As you can imagine, there's not a lot of cost in maintaining that software once it's developed. Because we co-develop our software with our hardware and we can do so much in controlling the vehicles, it's valued by the customers, and this gives us an opportunity to monetize this, and it's recurring revenue. I love recurring revenue. The third is it's growing. As we grow, it's gonna grow. Not only because our car park grows, but also because the value we provide to our customers continues to grow. It's golden for a reason. This is gonna help diversify our revenue, and I love what this is doing for us. You'll hear a lot more about that in a little bit. I'll give you a little bit of a tease right now. We already told you that the Lucid Air and Lucid Gravity are the most technologically advanced products on the road today. You can see a lot of the technology that's on here. Don't worry, I won't go through every detail. There's too much. This is just scratching the surface. In 2026 alone, look, we're adding the UX 3.0 from Gravity in the Air. We've got this Lucid AI Assistant that you will hear about and see very soon, and that's gonna be in Air and Gravity along with vehicle-to-home backup, just all kinds of goodness. Gravity has got even more. We're already in 2027. This is just what we've identified and committed to for 2027 and beyond. I like to say, like fine wine, our cars literally get better with time. The longer you own them, the better they get. This is what we're after. 95% of the functionality of our vehicles are upgradeable by software. 95%, think about that. Last year alone, in 12 months, we had 13 over-the-air updates. That's a lot more than industry average, which is two. We had 13 last year. We're gonna continue making our cars better and better. Now, we know that our customers absolutely love our ADAS and other software options because the adoption rate is already at the high end of the industry average of 10%-40%. Air is already at 40%. Gravity is at 65%. Over 50% more than the high end of the industry average. This is very powerful. This is gonna help us monetize our software, diversify our revenue, and continue making our products better for our customers. I've just told you about our Lucid Air and Gravity and how we've demonstrated market leadership and will continue to grow and do that. I showed you that we've proven our ability to scale production and deliveries and how we're growing our distribution network. Expanding globally. Finally, the diversification of this very high-quality revenue. This is gonna position us well, not only for this year with the products we have, but it'll position us well for the future with our mid-size product and beyond. Speaking of mid-size product, please allow me to introduce you to our Senior Vice President of Design and Brand, Mr. Derek Jenkins. Thank you. Thank you, Erwin. Good morning, everybody. Thank you for joining us bright and early today. It's really, really appreciated. I am so proud to be able to say I've been working at Lucid for over 10 years, taking us all the way back to 2015. It has been a journey, quite a journey, a very exciting one. That was when we really kicked off the mission, the innovation that Marc talked about earlier, and I think that's really set us on such an exciting path all the way through the creation of Air, through the creation and production of Gravity, all the way to this point today, which is so exciting. Today we're gonna talk about mid-size, and this is a big deal for us. I've been working on the Midsize together with my colleagues in engineering and planning for two and a half years now, and it takes that long to really create something special. What is so incredible and so special about Midsize is it represents a tenfold increase in total addressable market. This is a huge step for us, but we're also maintaining the key DNA that people know about Lucid and that is so celebrated by our industry experts. It's also gonna be at an accessible price point that is designed to scale. We're taking our volume to the next level, all the while cutting our costs by up to 70%. This is a big deal for us. It's a big step for Lucid as a company, and our core philosophy is taking this to the new level. Now, we started ten years ago with Lucid Air and Lucid Gravity with a clean sheet to really create the most innovative EVs or even the most innovative vehicles in the world. I really think we've done that with Air and Gravity, where we've really established ourselves as key players in the luxury category with advancements in space packaging, range and efficiency, performance and of course, design. We're very proud of our design, and of course I would say that as the head of design, but I feel it's true. I think we really are about the future, and we bring the future to people every single day. With mid-size, it's really about that next step in the marketplace. How are we gonna win? Well, it's gonna start with not just one vehicle, not just two vehicles, but three distinct products. Listen, the mid-size category is very competitive. It's a very diverse consumer segment, and we think these three unique products will give us maximum opportunity to hit the widest audience possible. That audience is, as I mentioned, tenfold of where we are today, but it's a different audience than our current market. It's very price sensitive, it's very value sensitive, and we've taken that very, very serious. Now, today's customer target represents about 10% of the market. It's that very desirable luxury category. As Erwin pointed out, we do very, very well there with Air and Gravity. If we're honest, it's a relatively small category. It's a very desirable group, tech-savvy, mature EV owners, and they love their Lucid and we've become the product of choice for them in that category. As we look forward to the future, we have done our homework. We've found our key categories that we're targeting, and there are three. From the left side, we have our upscale nurturers. They tend to be more family-oriented, they tend to be more technology savvy, and they really are adapting to EV quickly. The secondary category is our trendsetting achievers. They tend to be both urban, as well as a little bit more adventurous and outgoing on the weekends. Most importantly, they like a very, very expressive advanced design. Thirdly, our active explorers. They like advanced technology and experiences, but they're a little bit more outdoorsy. They need more functionality and space, and of course, design is still a big, big priority. Sorry. These three new categories represent a target of up to 50% of the EV segment. The combination of our 10% existing EV target, our 50% new target means we will be targeting 60% of the coveted EV market. The first of those products will be called Lucid Cosmos. This is gonna be. Yes. Yes, this will be our first product. Very excited about this. The second product will be called Lucid Earth. We have Air, Gravity, Cosmos, and Earth. There's kind of a theme there, right? How did that happen? Who came up with that? Of course, the third product, well, you're gonna have to stay for, maybe it's our next investor meeting. I don't know, but that's the third product. Now, why is this so important? Why are these three products so critical? Well, it's about the positioning of these products in the marketplace. As I mentioned earlier, the midsize category is very dense, it's very competitive, and it's diverse. It's a diverse customer segment. On the left side, we're targeting folks that, again, want a more sporty vehicle. I always say a future-facing vehicle, a more dynamic product, and we're very well-positioned with Cosmos there. In the middle, it's the in-betweeners. It's the product that is still sleek, it's efficient, it's fun to drive, it's spacious, but also it's a little bit more rugged, a little bit more capable. On the right, maybe it's a little bit more traditional, still future, but it's more spacious and definitely more geared towards an outdoors experience. We've positioned ourselves really, really well for the diversity that exists on the global stage with these three products. Now, we've done a ton of research about our customers, and we talked to them about what are their priorities. As a design boss, of course, design and emotion and experience is extremely important. The overall look and feel of the car inside and out has to be exceptional, sophisticated, modern, crisp, clean, and emotional. It's not only that. It has to be functional. It has to have the space and the utility for people, gear, stuff, pets, you name it. It all has to fit in. They demand that. Our designs will deliver, as they do today, at a value, at a great price point. What's next? Of course, range. Range and efficiency, we are the leaders. We do this so well, and that is right up there with the top purchase consideration for folks in this category. That is a fact, and we obsess about this, and Emad and Zach will come up in a minute to tell you exactly how we're achieving that and how we're gonna do it at scale at that coveted price point. Third, performance. Lucids are fun to drive. It's a fact. They're a blast, and we get that time and time again. I love driving my Lucids, and we're gonna bring all that thrill, all that experience and emotion, dynamic, not just zero to 60 time, although we do that great, but it's the steering dynamics, it's the braking, it's the way the car stays so solid and so planted on the road. We do that so well. The experience. The digital experience is an obsession, especially right now. We've taken big steps. You saw the improvements, our OTAs that have been happening with Air and Gravity. We're gonna take with Lucid UX 4.0, we're gonna take that to the next level, with the midsize program. All of this is gonna be done at an accessible price point and bring that value to consumers. Through that research for the customers, we actually showed them our vehicles. We shared with them the price point, the feature set, the metrics. You know what? This was also, by the way, against a wide range of the top peer players in the category, both at the low end of the market to the high end of the market, that sweet spot where we're gonna play, and guess what? We blew the competition away every single time. Number one in exterior design, number one in interior design, number one in specifications, and number one at our claimed price point and value proposition. I love the quotes off to the side. "It was the best-looking car." "Looks like the Jetsons." Right? I grew up with that. Okay, I'm sorry. I'm dating myself, but, you know, it's about the future, right? We can still be optimistic about the future, and we're gonna deliver on that. The design itself, this is a big opportunity, especially for us in the design department, because we created Air and Gravity with a consistent DNA look and feel. With the midsize program, we really wanted to evolve that. We wanted to mature it, but we also wanted to put even more emotion into the products, and I think we've really done that. It starts with a very sleek, emotional silhouette, really concentrating on enhancing the dynamics of the vehicle. We put more movement, more muscle, more sportiness. We give the car that planted stance. The car sits so well on the wheels, and I think people are gonna see that. They're a more emotional product, and it's really gonna stand out in the category. Cargo. Through our miniaturization of our components, we repackage the interior, the layout, optimize space inside the vehicle, optimize cargo areas. We will be the space leader in our category, and that's so important because we're making the car oversized on the interior while keeping the outside of the car lean and sleek and compact, dynamic, sporty, and aerodynamic. Important. We are gonna have class-leading aerodynamics. A drag coefficient below 0.22. That might not mean anything to some of you, but that's really, really hard to achieve. I'm not gonna lie, there are days where I curse the aerodynamics team, but we work together, and we solve it, and we get those numbers. It's true. You know it. We've been there. But it is important. It's the design really validating itself, making the car look great and work well. That's design. The aerodynamics will deliver, and that will support our range target. Now, on the inside of the vehicle, hopefully, you're familiar with Lucid Gravity. We took a big step forward with this layout. We call it the Clearview Cockpit. We position the display higher in the vehicle, just below your line of sight of the road. This is good for safety, for viewing both the road in front of you, as well as the content on the screen, safely reduce latency, and we reshaped the steering wheel, so you see the screen uninterrupted, and this is the Clearview Cockpit. We've taken that and evolved that on the midsize. We've moved to one single screen placed up high, 36 inches, and this is dedicated to both driver and passenger alike, and that's a big deal because we create a more unified space, a more social space, and this is something that we've really brought as a theme into the midsize program, and that allows the driver and passenger to have their own unique experience. Sorry, I'm gonna go back one. We kept the physical controls, of course, to be able to control fan speed, temperature, volume in the middle, keeping our tactile feeling on the steering wheel, so we can control screen and features alike. Brace yourself for this one. Mechanical analog door handles. Okay. Inside and outside the vehicle. What a time to be alive. The future is now. Okay, I'm joking, but they are pretty cool. Feature wise, we're focused in four key categories with 4.0. Energy, we have some very unique applications that are basically widgets that help you understand the efficiency of the vehicle, how your driving dynamic affects your range, and just inform you, so you don't have that range anxiety. We put so much effort in making the car go far on as little as possible. We want the drivers to be informed and understand that. This is something that we're continuing to work on the user experience team to come up with features and display items that really inform the driver. Next-gen navigation. This is gonna be about a more three-dimensional navigation experience, better wayfinding, and it's also gonna be better turn-by-turn. We're working to layer the turn-by-turn navigation experience over our ADAS representation, so that's gonna be super exciting. In-car entertainment and productivity, Erwin talked about this a little bit. This is really about applications coming inside the car in areas of streaming content, productivity, even gaming. That lastly, natural interactions. Obviously, we're living in a world of AI accelerating innovation, and natural voice is gonna be at the very center of the driving experience for Lucid going forward. Speaking of which, our AI assistant, we're all super excited about this. The team's been hard at work at it, and I think we've really hit it out of the box with the Lucid Intelligence AI experience. It's agentic. This can literally plan your day out for you, whether you do it in the car or do it on your phone prior to your trip. It can think through a plan for your day. Can ask it simple things. You can ask it complex things, but it can think through it and give you recommendations. It's personalized. It learns what you like and don't like over time. It becomes your mobility partner, your friend, and it can optimize your mobility experience through personally knowing you. It's seamless, both when it's computing just on the edge inside the car. It's the same when it's computing on the cloud, and so that experience is very seamless. It's not changing from one assistant to another assistant, which is so common in the marketplace today. Maybe most important with the rapid changing industry, it's language model agnostic, meaning we can work off of any language model. We're not dedicated to one single language model. It's a very dynamic world out there right now. The news changes on a daily basis. We need that flexibility, and we need to be agnostic. With that, I would like to first talk about the personality because the personality is quite exciting. We put a lot of work to really brand Lucid, brand the experience inside the car. Whether you want a personality that's more laid back and chill and easygoing, or perhaps the other end of the spectrum, one that's more direct and just gets down to business and gives you the information you need or perhaps something balanced right in the middle. This is again, something that can grow over time, and we're really gonna evolve this idea of personality inside the vehicle. To give you an example of that experience that we're talking about, I'm looking at you, Dave. Dave's here. Dave is our head of user experience and has been at the center of developing our Lucid Intelligence assistant, and he's gonna give you a demo of that right now. Dave, take it away if you can hear me. Yeah. Thanks, Derek. Our customers aren't gonna have to wait till midsize to experience our new AI assistant in both Air and Gravity. Let's take a look at some of the things it can do. Hey, Lucid. Hey, Lucid. You know, I think our connectivity has dropped right just now. Today. Apparently not. Wanna try one more time? Sure. Hey, Lucid. Well- Yep, we've lost connectivity. We did record a video prior to this for exactly this reason. Cars aren't meant to live indoors, and sometimes these things happen. Do we have that video we can queue up? Hey, Lucid. Hey, we're gonna do a live demo here, and there are a bunch of people looking in. Got it. Let's keep things smooth and clear. What would you like to show them first? Well, actually, yeah. It's a little chilly in here. Maybe you can bump the heat a little bit for me. Warming things up a bit. Let me know if you need anything else. Thanks. My back is still a little jacked up from the flight in. Maybe put some heat on it. Seat heating's on for you, medium level. That should help your back. Yeah, thanks. That does feel better. I've got a few days in New York City to explore after this, and I'm looking for something to do that's a little unique, maybe off the beaten path, and maybe has kind of a maritime or nautical vibe. Any suggestions of things I can do? Here's the scoop. You've got some great off-the-beaten-path maritime options in New York City. You could check out the South Street Seaport Museum. It's got a Maritime City exhibition showcasing the seaport's history. You can also sail on the historic schooner Pioneer around the harbor. Think Brooklyn Bridge and Statue of Liberty views. Yeah, let's go to the South Street Seaport Museum area. That sounds pretty good. What are some things I can do around there? You've got some great options around the South Street Seaport Museum area. Here are a couple highlights. One, the South Street Seaport Museum Lighthouse, about 2.9 mi from where you are with a strong rating of 4.8. It offers a unique maritime-themed landmark. Two, the Seaport District, located right around one Seaport Plaza at about the same distance. It's a vibrant area with shops, dining, and historical attractions. Okay. Well, that sounds pretty good. Is there a place I can park around there? There are several parking options near the South Street Seaport Museum. Here are two possibilities. One, Icon Parking at 80 Gold Street, about 2.9 mi away. All right. Hey, let's just go to Icon Parking. That sounds good. You're all set to head to Icon Parking at 80 Gold Street. Safe travels, and enjoy the South Street Seaport area. Great. Thanks a lot. Just a small example, and that's even though it's a video, it's not staged. Super exciting. You know, I'm guilty probably more than most of looking stuff up on my phone while I'm driving, you know? I mean, you literally could go buy a drill from Home Depot with using this, and we've actually played with that, and Dave's had a lot of fun with it. We're super excited about it, and trust me, it does work much better than that outside. Before I hand off to my engineering colleagues, I just wanna leave you with one thought. Lucid's in a very unique position as a brand, and it's really based on kind of the values of the company that Marc and Erwin talked about earlier. We're in a unique position. If you think about the traditional brands, the storied brands in the world that we all have the most respect for, they tend to focus on traditional automotive attributes and excellence. I'm talking about ride and handling, performance, comfort features, design, these traditional elements that have evolved over a hundred years and the modern automobile is quite impressive as a result. Then you consider the new players, whether that be our fellow startups or even our competition from China, focusing more on advanced technologies, ADAS, connected experiences, aspects of EV. They do that well. Lucid is rare. We're able to compete at the highest level with the storied brands on those traditional attributes, true excellence at what makes a solid car great. At the same time, we're competing at the highest level on the new world technologies in ADAS, connected experience, and cutting-edge with EV efficiency and performance, packaging, et cetera. Very few companies can claim to live at the intersection of those two worlds. In fact, I would say nobody else can say that like Lucid. That is what's gonna give us the edge when we come down into that coveted midsize segment because we're gonna do it like we've done it with Air and Gravity at an awesome price point. With that, I'm gonna hand off to my colleagues. Come on. There we go. Emad Dlala, our SVP of Engineering and Software, and Zach Walker, Chief Engineer of Midsize. Thank you very much, Derek. Welcome, everyone. Every time Derek talks about mid-size, my excitement level goes up so high. Why not? It should. Mid-size is really a pivotal moment of Lucid in many ways. Today, I'm going to talk how we're able to deliver that amazing experience that Derek just showed us at scale and at that accessible price point. Like Derek, 10 years ago, I joined Lucid, and the first thing I was asked is to design the most efficient car, the most powerful, and the most spacious. I said, "Maybe that breaks the laws of physics." I stayed humble, working with a team including Derek, Zach, and many of us here, to try to approach the laws of physics smartly, not break them. Yes, efficiency was the number one priority in that list. This graph shows the result of that mission and that drive, which turned out to be truly rewarding. Efficiency is important because it defines the size of the battery. It defines how battery energy is converted into miles driven. This chart, in particular, shows 15% greater efficiency achieved through Lucid Air compared to its vast competitors in production today, including a known U.S. leader. This efficiency, as I mentioned, is important. The question is, how are we able to achieve that, and why it's been so hard to replicate? As the graph showed, we have over five years of an advantage over the competitors, and that gap is widening. My answer to that, most companies optimize a subsystem or one subsystem at a time. That's actually a great way to make the vehicle a failure, to lose the whole vehicle. Because at Lucid, we obsess with the system, the entire system, not a subsystem. That relentless pursuit of excellence across the vehicle, the systems, any system that dissipates energy in the vehicle from drive units. Our Zeus drive unit in Air and Gravity set the standards in every metric possible, efficiency, power density, torque density, speed, in all EVs globally. Our energy density in the battery set a technological benchmark. Combined with our software folks, as Mark mentioned earlier, the underlying secret sauce that connects and fuses all these systems together and make them work in harmony. I wanna come back to the point of efficiency just for a second. As I said, efficiency defines the battery size. Why? Because it's directly linked to the miles driven. This is truly a foundational cost lever. Our folks in efficiency are driven by economics, not just by to make the best damn vehicle. It's true, that's also super desirable, we know that, but also to make the vehicle affordable. Today, of course, I'm still talking about Air and Gravity just to set the stage to midsize. What has been truly distinctive, as I mentioned earlier, is fusing range efficiency with performance. We didn't trade these away. We made them coexist together, blending comfort, acceleration, range, handling in one single vehicle. The Lucid Air Grand Touring today achieves over 512 mi of range with 819 horsepower. It's the only sedan that sets the standard, and that's not a coincidence. That's pursuit of science at every level. We deliver all of that while we still have best-in-class exceptional interior space. That space is not accidental. It's super intentional, and it's engineered in the vehicle because we achieve it through not making the vehicle, not by making the vehicle larger, but by making the technology smaller. Our drive units are super compact, power dense. Our battery packs are super energy dense. The rest of every system, the cooling systems, the body in white, the chassis, all designed intentionally to be super efficient. Now I'm sure many of you wonder, will Midsize live up to Air and Gravity? Will Midsize deliver the award-winning excellence as Air and Gravity? And at what price point? And the answer is yes. Cosmos and Earth preserve Lucid DNA, uphold fully the Lucid DNA in energy, performance, and space. Completely redesigned our systems, building on our promise of technology that has been realized in Air and Gravity to take Midsize to a next level. It's so many years of hard work leading to a platform. This is a platform that's used across differentiated products that Derek just shared. How are we able to achieve these attributes? Again, we leaned in our philosophy approach, scientific approach, designing every system holistically as one single system, and meticulously innovate and optimize across all engineering domains. From the drive unit, which I will speak about more in detail in a minute, the high voltage battery system that Zach will elaborate on in a minute, our bidirectional charging systems, centralized low voltage electronics or zonal architecture, and of course, super aerodynamics, Derek's bane. Now, how to achieve these attributes. I'm incredibly excited to reveal Atlas, our next generation drive unit, that has been entirely designed in-house and will be manufactured in-house as our previous generation of drive unit, which we call Zeus. What's different about Atlas? When I joined in 2015, I was able to use our talented team to design that technology. No matter how talented a team is assembled for the first time, we evolved it and of course, with a new aim and goal and scale level in midsize. Atlas designed from day one, low cost, high volume that results in a materially lower BOM cost. Lighter, fewer parts. Atlas isn't just a drive unit, it's a mindset. It's a shift in our mindset. You can ask now what and how we measure the superiority of that Atlas drive unit. One of the best ways to measure that is through power-to-weight ratio criteria or metric. This metric is important because it's a key that impacts energy efficiency, because you would... That would mean you would use this material, and it would also impact, of course, vehicle mass and space. Comparing against the best over there, we have astonishingly 40% higher power density in the most cost-conscious drive unit in the world. Where does this feed to? Ultimately, this feeds to the most important criteria in an EV. Take it from me. Technical criteria in an EV, which is energy efficiency. Again, it means or directly link it to the battery size, which is the most expensive part in an EV. I'm super thrilled to say that, again, our new platform for the midsize is going to be class-leading in efficiency with projected over 10% greater efficiency compared to the most optimized and the newest, most optimized platforms in the world, including the U.S. leader of EVs, German and Chinese leader that everyone these days is talking about. Let me take a step back. If midsize is capable of matching Air and Gravity DNA, how do the economics work? The answer is radical efficiency. It's truly not a buzzword. It's a philosophy. It's a set of principles that we adopted at Lucid to be able to keep the Lucid DNA in energy performance and space, but expand on that with software and manufacturing efficiency. Software first designed for a manufacturing mindset was a prerequisite for midsize. Eventually, engineering-led companies win. As the head of engineering, I would say that. I'm truly sure because the right engineering decisions determine everything downstream, in the product, cost, scale. That's exactly how we designed Midsize and build it to deliver excellent product at a lower or very low price point or low cost, and thirdly, at scale. All together, combined together, not choosing one, all of them. Now, I wanna bring Zach to the stage to give you examples of these innovations and share with you much m ore cool stuff. So efficiency. Fundamentally, this means doing more with less. Radical efficiency means doing more for the customer and giving them product superiority, but requiring less from our business and leading to a cost efficiency. This is radical efficiency. This is embedded in everything we are. This is what the Midsize architecture was built on. Everything was about radical efficiency: the battery, the body, the drive units, the architecture. Radical efficiency defines everything we do. What I'm gonna do is I'm gonna take you through five of these points and talk through how radical efficiency led to product superiority and cost efficiency for our business. First, we are gonna talk about energy efficiency, one of the first big pillars. We're gonna talk about the battery. When we talk about the battery, this is the midsize battery. As you see, a Gravity is gonna appear, and our architecture is gonna come next to it. You'll see there are multiple components that we built throughout Gravity that all merge into one. This one component is then assembled to the battery. We have a singular high-voltage system. This joined-up thinking, this way to merge it all together leads to one product superiority. We still are a superior product when it comes to charging. We still have all the features that we've talked about, Vehicle-to-Vehicle, Vehicle-to-Home, but we didn't throw money at the problem. You see, radical efficiency leads to cost efficiency. When we talk about non-cell parts, that is an 80% reduction in components. All of that is one system that you can build offline and mate into the full vehicle. When we talk about those same parts, that is a 45% reduction in cost compared to Gravity. We're gonna compare to Gravity a lot, and Gravity was already an engineering marvel. What we're showing here is why midsize will be mind-blowing when we do radical efficiency. What do we talk about with energy efficiency? I think the numbers that Emad shows can really go over a lot of people's heads when we talk about miles per kilowatt-hour. I'm gonna give a reference. We're gonna talk about the fact that when we go 300 mi, our vehicle, the Cosmos, requires 69 kWh. That is not our overall range, but I'm just giving you a range of 300 mi, how much energy that takes us. When you compare to others, that same 300 mi, which is the same distance traveled, requires some 73, 82, 86. That is $2,000 extra dollars the customer has to pay for and get no extra value. Who likes to give away $2,000? There's no point in that. To where does it go? You get nothing. Radical efficiency leads to product superiority because we can give the customer more for less to us. It doesn't stop there. Let's keep going. Let's look at the factory. Again, Air and Gravity were a marvel, but we've gone further. When you look at the left, you'll see the factory for the battery for Air and Gravity. Midsize was miniaturized. We reduced the components, we reduced the requirements on our business, we reduced the factory itself. By doing that, we could reduce the square footage by 40% while achieving a higher output, while also reducing our labor and overhead by 50%. This is radical efficiency when we talk about the pillar of energy efficiency. Now we're gonna talk about the drive units, the amazing DNA, the thing we all love about Air and Gravity of the driving enjoyment. See, Atlas helps deliver this. On the left, you'll see Zeus. On the right, you'll see Atlas. You see here how many of these components Emad just told you about were merged. On the top now, Atlas was reduced to just a couple components. We expand, and we see that we merged everything. The castings, the side faces, everything was simplified. We had to do that so one, we could still deliver a superior product, right? We're still having the 3.5 zero to sixty. We still have amazing highway passing, and we still have this motor contribute to our energy efficiency story. The cost efficiency, 30% fewer parts, a commonized front and rear drive unit. We don't have to source all those components. We get scale, we get economies that come together and that leads to a 37% reduction in drive unit cost. This is radical efficiency. When we put it all together, when we talk about the midsize and what the customer gets, this smaller battery, this smaller drive unit, this integration into the body gives us more customer space. This is more customer space without a bigger car. This is the customer getting a superior product, but not just for them, but for their cargo. We're talking about 24% extra cargo space compared to the average of our competitors. That's 24% more space, whether it's your car, whether it's an Uber that you're trying to desperately get to an airport in, or whether it's a robotaxi that you're doing the same. This radical efficiency goes across all of our businesses and leads to value for us and for the customer. Now, Emad brought up a really good. Software efficiency. Ironically, software efficiency is not about just the software. It's about needing to do a system. It's about a software-defined vehicle. Now, I know you've all heard this term way too much, right? This is probably the buzzword that is hitting us all the time. What does a software-defined vehicle really mean? It means changing the entire architecture, centralizing as much as you can into a couple ECUs, so that you don't have to go and update the software for tons of things, make the communications, make the connections. It means replacing components with virtual components. So reducing the amount of parts, but not reducing the customer experience. This leads to an utmost software efficiency. When we talk about Gravity, everything that Erwin just told you about is still true. It is an amazing vehicle. It is constantly getting better. At the moment, multiple people are downloading OTAs and their car is becoming more valuable. We had to take to the next level, and our new architecture takes all these same body electronics and merges them into three ECUs. What does this mean for us? This means, again, a superior product. You're still getting the over-the-air updates. You're still getting reduced latency because we have less connections. It's all happening on less ECUs. You're getting this AI system that you just saw that is a game changer for the experience and brings you into the world of the vehicle. It gives you cost efficiency. 40% fewer wires compared to our competitors. 40% fewer wires. Every wire you cut is cost. You have to go make it. You put it in the bundle. That is 40%. That is a reduced assembly time. I'll tell you, if you're in the automotive industry, wire harnesses are usually not your friend. They are, like, the worst thing to put in the car. It is so difficult to deal with. When we were building our first midsize, everybody was afraid. We basically put, like, a full day. Like, the entire team was circled around, "Okay, how are we gonna do this? We're gonna have to rework this. We're gonna have to do that. How are we gonna force it in there?" We were prepared. The wire harness went in four minutes. We prepared a day, and it took us four minutes because the team was obsessive with radical efficiency, obsessive about how we build this faster and have less demands on our business. This is radical efficiency in our product, in our software, in our software-defined vehicle. I wanna really just show a scale and show what that means, right? We talked about this electronics architecture. I wanna pull farther to the right because we wanna centralize. Again, centralizing is not reducing customer value. It's increasing our ability to deliver customer value with less needs for us. Everyone is trying to pull to the right? We see here that there are some OEMs who are still more in a domain, but we see the more advanced pulling to the right and going to centralized. You also need to move up in this matrix. Moving up is reduction of wires. That's not just a reduction of wires, but a reduction of parts. Again, that is using virtual components rather than real ones, and no one compares to us with that. We have reduced the wire count compared to some of those new EVs by 100%. We've really cut it in half. That is radical efficiency. That's how we're helping manufacturing, and that's how we're winning with our software-defined vehicle. The last thing I'd like to chat about is our body. I'm here to make a huge announcement that we're not using giga castings in the midsize. Again, everyone's surprised because everyone's heard giga casting, giga casting, giga casting. It's what you hear all the time when we're talking about the automotive. We need to not follow trends. We need to do what's right for us and for the customer. When you optimize the body, you find that there are a lot of spots that are the most efficient for steel, and there are a lot of spots which are most efficient for castings and aluminum. You have these corner nodes where we've put our mega castings in the corners because those are high focal points of stress and connections. There's where it pays to put our castings, and that's where we put all of our time and effort. There's another place which is about customer value and customer repairability. This is a huge deal to customers, whether you can actually service your vehicle. This is needed in the midsize segments. We obsessed about these front rails. We've actually put two different separate sections of rail to have both high speed, low speed, high repairability, and even another high speed rail, so we don't destroy the castings, but we can easily repair and bolt in. We see this as where we wanna go. We want to have these mega castings, and we want to have repairability. We can see that other people are actually following this trend as well. It's ironic that some people who have been fighting for giga castings, with their latest updates, have fully moved to their front underbody being full steel stampings. We see that we believe in our trend, and we believe in what we've done, and we believe in how we designed the body. What does this lead to? It leads to product superiority. It leads to $1,000 less of annual insurance. That is how we help the customer. That is how we're gonna obsess, and we're gonna get midsize to be successful. It leads still to our five-star crash ratings, and it leads to all the other benefits of space and performance that we've already shared. It's cost efficiency for our business. We have a 65% reduction in our joining guns. That is a 1/3 for increased JPH, and we have a 2x improvement in our robot efficiency. This is how we are going to be radically efficient in our manufacturing. What does this all mean? What does this mean for product superiority? Well, you get a vehicle with better driving efficiency, better charging speed, better cargo space, and lower insurance. We didn't throw money at the problem. No, we used radical efficiency and reduced the parts in half compared to some of our competitors. When we index to 100 parts, you see here that some have 110, some have 165, and some have 195. That is half the parts that our team needs to spend time putting in the vehicle. That is half the parts that we need to kick off, that we need to design, that we need to waste our energy on. That is a superior product with a real radical efficiency for manufacturing and cost. This is what the midsize platform was built upon, and this is what everyone at Lucid obsessed about for the last two and a half years, as Derek referenced. With that, you can ask the question: how do you take that and really impact your business, and what does that mean for our n-final outcome? Marc Winterhoff, do you wanna come share and join what that means for us? Thank you very much. Thanks, Zach, for all the information. Didn't I mention in the beginning that at Lucid we're obsessing about technology? I think what became very clear. When it drives costs down and still maintains product superiority, I don't have a problem with that. Keep obsessing and deliver on it. I'm perfectly fine with that. Because I wanna show that slide again that we had in the beginning, that walk that brings us down from where we are at the Gravity right now on the left-hand side to midsize, at a completely different level when it comes to unit cost, and at the same time also optimizing the Gravity and also the Air, obviously. We're moving with the whole company to a completely different unit cost level with all of this very welcomed obsession of our engineering team. The biggest part of the unit cost of a vehicle are the BOM costs, the bill of material, the parts. Now there's a lot of talk about, and we asked very often, "Hey, can you compete against the best out there, and particularly with the new Chinese?" Let me show you something. This is a comparison of the Lucid Cosmos current BOM cost against an equivalent or a comparable vehicle of a U.S. EV leader, who will not be named. A Chinese EV SUV, brand new, everybody is talking about and is so afraid about. When you look at that, well, you can say, well, this EV leader is a little bit lower here. Well, but there's also lower range in that car. If you would normalize it, and the battery would be a little bit bigger, you would actually get to the same level we are. We are on a lower BoM cost than the Chinese competitor that everybody is so afraid of when they come in globally. Yeah. We are in a very good position and very happy about all that obsession what the team has done has led to this. Typically, by the way, this is typically the starting point. After you've done the initial design, that's when you actually start to drive down the BoM cost even further. I'm very happy to see that we are currently. Those are actually numbers that are sourced. That doesn't mean this is theoretically. That is sourced numbers that we can already count on for the start of our production. It's not only obsession of technology, it leads to cost reduction. I'm very happy about, and I think my dear colleague Taoufiq even more than I am. He will tell you all about it later on. The Lucid Cosmos is in a great BOM position, BOM cost position. That is a good start, but remember, we have three products we are working on and which we will launch. The next one is Lucid Earth. Given we are already further advanced when it comes to the Lucid Earth, versus the other one that is you have to stay tuned for, we already know that 95% of the parts are carryovers. Particularly the biggest, you know, or most expensive parts, the batteries, the drive units, all of those things are carryovers. You can expect that the Lucid Earth will have a very similar, very attractive BOM cost position for us. Now obviously, we're working on the third model to take as much commonality into that as possible. Commonality to reduce cost, but at the same time, the vehicles will look very materially different. That means we are able, with that, despite the commonality, to address different customer segments that Derek talked about earlier, to really address the whole midsize market, which is nowadays much more competitive than it has been maybe a couple of years ago. I also want to quickly repeat what Zach has already said, because obviously, we're obsessive about our costs, but we also think about the customer. When it comes to insurance, that's actually one of the big complaints that we hear quite often about EVs. "Hey, your insurance costs are materially higher than what I have with an internal combustion engine." That's why we actually focus so much on that, including the body, the body composition, the body structure, to make it repairable, and not like when you have a small fender bender, you basically have to throw the car away. Yeah. We really have this $1,000 or, you know, 30% lower insurance cost that we are projecting based on our current information. I would like to summarize everything that you, as much as that is possible to summarize. Everything that you heard about our midsize. First of all, obviously, a significant market expansion. The TAM is about 10 x bigger than what we are working on right now when we add the midsize to our portfolio. We will maintain the same product super superiority that we have worked on so hard with Air and Gravity, also with the midsize, at a very attractive cost position for us, and therefore attractive margin position for us. Based on our engineering, we make those cars also ideal platforms for our next endeavor, Robotaxis autonomy, that we will tell you much more about it after the break. We now have, I think it was a 20 minute break, and wanted to just invite you for some refreshments and then see you in a few minutes here after a break when we talk about autonomy. Thank you. All right. If everyone can begin making your way back to the seating area, we're gonna get started in just a few minutes. Thank you. All right. If everyone could please take your seat, we're gonna resume the program. Please remember to silence your cell phones. Thank you. Please welcome Kay Stepper, VP of Autonomy at Lucid. Well, good morning, everyone, and welcome back to the Lucid Motors Investor Day presentation. Thank you so much for joining us today, both online as well as live right here from New York City. As Mark mentioned in his opening remarks, autonomy plays an outsized role for the future of Lucid Motors. Here's what I would like to share with you this morning. I'd like to talk about how our vehicle platform is ready for level four autonomy. I also would like to share with you what that means in terms of time to market. I will share with you that, of course, we're not forgetting about our retail customers when it comes to higher levels of autonomy. Of course, I'm gonna spend some time on our innovation, technology, and commercial advantages. Before I get into all of that, I'd like to address one question. We heard a lot about great technology components. Emad talked about systems and subsystems. Isn't Lucid interested in selling and licensing these components and subsystems? The short answer is yes. The long answer is there's much more. Yes, of course, there's the drive units, the battery technology, our power electronics that come together to build our award-winning skateboard and vehicle platform. Now we're taking it a step further. We're offering complete vehicle platforms to our customers to enable them to turn radical efficiency into cost efficiency. Talk about the size of the deal. Of course, selling components and licensing technology is great. There's millions of dollars in that, and that's a good deal. When you think about now growing that to entire vehicle platforms, both from an EV as well as AV platform, you easily talk about 5x-10x, that size of component sales. 5x-10x easily going into the billions of dollars per deal. What is Lucid Motors approach to autonomy? Well, by leveraging our innovation, our strong foundation in technology, we actually pursue multiple paths to commercialize autonomy. On your right hand on the screen, you see what we will call personal autonomy. This is higher and higher and higher levels of autonomy features for our retail customers. By the way, the monetization for those features has already begun, as Erwin already showed with you earlier, and I will show you some more in the next few minutes. That's on the one hand. On the right hand of your slide, you see business-to-business customers for robotaxi operations, where we see a strongly developing market that is happening after many, many years of promise and many, many years of hard development. In short, Lucid Motors pursues a dual strategy when it comes to commercializing autonomy. Few facts. When you look at the overall industry right now, not just Lucid Motors, not just the segments we play in, but overall, what is the adoption rate or take rate for level two, level three, level four autonomy in the overall market? Well, it's at about 25% right now, give or take. That is growing to more than 60% by 2035. Overall market. Now, Urban shared with you earlier, the Lucid take rate for our award-winning DreamDrive Pro is already between 40%-65%. 40%-65% take rate of DreamDrive Pro, when the rest of the market is at about 25% or less. You see the outsize potential because we can really forecast and assume that our take rate will not just be 60% in 2035, but it already goes up to 65% today. We anticipate a much higher take rate. On the other hand, on your right hand of your chart, you see the developing robotaxi market. That's been a promise a long time in the making, but it is here. You see the scale, you see the growth. Yes, total addressable market for ride-hailing with robotaxis, less than $1 billion last year, but that is growing to more than $300 billion by 2035 total addressable market. More than $300 billion. How is that possible? It's possible because the percentage of driverless taxis will grow in the same time frame from about 1% today to about 65% by 2035. Leading to more than $300 billion of total addressable market. In order to actually make that a reality, and this to become reality in the future, there's some important enablers that need to be in place. One such enabler is an underlying vehicle platform that allows for autonomous operation. What does that mean? That means the subsystem that Emad talked about in the vehicle need to be ready for level four autonomous operation. We're talking the steering system, the braking system, the network communication, the low voltage power supply, the sensors, the compute, and the list goes on and on and on. Here's the rub. You get all of that straight from the factory from Lucid Motors. No retrofitting, no removing components or subsystems, no adding components. Straight from the factory from Lucid Motors. Let's take a look how we compare to our competition. There we go. Some of these vehicles on the right, some of you may already experience yourself in a robotaxi. At a minimum, you have seen, or you may have heard about them. They are reality today. The I-PACE, the IONIQ 5 coming soon, the Zeekr RT coming soon. If you look at how we compare already today with Lucid Gravity, and you can see it right here. We have it in the foyer. You can touch it, you can feel it, you can check it out. I will be around after the presentation to answer your questions. We are already beating that in several metrics. We're beating that in efficiency. Efficiency in miles per kilowatt -hours. We're beating it in charging speed. Think about this. In 11 minutes, you can charge a 200 mile range. 11 minutes. Think about what that means for operation of a robotaxi fleet. Of course, as I mentioned, we have the safety backups in place for the core vehicle operation, steering, braking, et cetera. Also the safety backup and redundancy in place for the specific autonomous operating system, like the compute, like the sensors and other elements. Now, when you look at how the Lucid midsize compares for robotaxi operation, we blow them out of the water. Efficiency up to 4.5 mi per kWh. Charging speed with a smaller battery pack than the Lucid Gravity and others, up to 14 minutes charging speed, up to 200 mi. Of course, the same safety backups in place that we already built into Lucid Gravity. Now, this may all look nice on a chart, in a table. What does it mean in reality for our customers? Well, here's what that means. Here's how radical efficiency that Emad and Zach have talked about earlier translates into cost efficiency. Our Lucid midsize vehicle platform for robotaxi operation and for level four technology in general. Offers a significant lower operating cost per mile. You can see others have an up to 34% higher cost per mile for robotaxi operation. Now, that may look very abstract in this chart. Let me make that specific for you. Just from charging speed and the range we get per one charge, that is a $2,000 cost difference per vehicle per year. $2,000 per vehicle per year. That still may not sound like much, $2,000 per year, big deal. Well, it is a big deal. Let's do the math together. $2,000 per vehicle. Let's assume a robotaxi fleet of 20,000 over the course of six years. $2,000, 20,000 vehicles, six years. That is $240 million, ladies and gentlemen. Two hundred and forty. Now, that is not small in terms of a cost advantage for our customers. Now, the efficiency that Emad and Zach have talked about and some of the underlying technology foundation that I'm talking about has not gone unnoticed by major players in the tech and automotive industry. As a matter of fact, in July of last year, Uber decided to partner with us in a joint partnership with Nuro and committed to 20,000 units over the course of six years and decided to invest in our future with $300 million as well. Don't take it from me. There's a quote from Dara Khosrowshahi, the CEO of Uber, right there that says, "Lucid's unmatched efficiency, atonomy-ready vehicle architecture, and customer-centric approach gives us confidence in our ability to deliver autonomous mobility together at global scale." They're not my words. Those are Dara's words. You may ask, okay, you signed this deal with Uber and Nuro last summer. Great. How's the project going? What's happening? Well, here's how the project is going. We are right on track for commercial operation by the end of this year. Just a few milestones that we already have achieved since July of last year. Within seven weeks, only seven weeks after contract signing, we already delivered our first prototype vehicle to our partner, Nuro, for them to start testing and development and their software stack in our vehicles. Seven weeks from start of project. Since then, since September of last year, within the last six months, we added 75 more vehicles. They are already delivered to Nuro. That gives our partners a fleet already of up to 80 vehicles to collect data, to test and develop already today in the San Francisco Bay Area. This is only possible because our vehicle comes level four ready from the factory. If you would have to re-architect, if you would have to re-engineer, remove components, add components, you can't do that in seven weeks. You will see the production intent version right here in 3D and live in this room to touch and feel. There's a couple more milestones to come, of course, this year, more vehicles, more homologation, more testing, but eventually the start of the commercial operation by late 2026. That is how the project is going. Now, autonomy is a topic that's been talked about, written about for the last 20 years, and there's a lot of investment that has gone into autonomy. It is estimated that the industry between auto and tech has spent between $160-$200 billion over the last 20 years to develop autonomous vehicles. Between $160 billion and $200 billion. As a matter of fact, if you look at company A, B, C on this chart, some of them have spent $ billions, some others have spent $ tens of billions to develop autonomous vehicle technology. Well, I'm here to tell you this morning that we are not gonna spend $1 billion or a couple $ tens of billions, very much to the joy of Taoufiq. We gonna achieve this with a lot less, as you can see on this chart. How is this possible? A lot has changed, not only from 20 years ago, 10 years ago, five years ago, but two years ago, in terms of how do you achieve autonomy. When it comes to the availability of high-performance compute, when it comes to the availability to collect and store data in the cloud, how the possibility has come to learn, train, and optimize your AI model in existing infrastructure. The cost of sensors has come down, et cetera, et cetera, et cetera. Drastically declining investment in order to get level four autonomy. There's the declining technology costs on the one hand, but there's also the smart collaboration that we do with our partners, and that enables a reduced investment by Lucid Motors to get to level four autonomy. Another fact I wanna share with you is our timing. Cost is one element that's very important. Maybe it's the most important, but there's also time to market. If you take a traditional OEM approach, and if you've seen some of the vehicle examples on the prior chart, you have to re-engineer, retrofit the vehicle. You have to remove components, you have to add components, you have to ensure that every subsystem of the vehicle has redundancy for the autonomous operation. Now, if you do that and re-engineer, you change the steering, just that, you have to retest, you have to re-homologate, you have to revalidate. That whole process, until you finally get to deployment, easily takes three to four years. We are cutting this time in half. We are able, because our vehicle comes ready from the factory for level four operation. Of course, software needs to be added, model deployment needs to happen, test and validation needs to happen. We can offer and support time to market within 12 to 18 months. 12 to 18 months compared to three or four, versus the competition. A cost advantage as well as a time to market advantage. Besides robotaxis, I also would like to talk about our offerings in autonomy for our retail customers. Already in production, as Erwin alluded to earlier, is our hands-free highway driving. That will be added also in Lucid Gravity with the city drive assist by the end of this year. In 2027, we will have hands-free highway and city driving in Lucid Gravity, and it also comes to the brand new Lucid Cosmos. That is followed by level three eyes-off driving in 2028. Last but not least, eyes-off, hands-off, mind-off highway and city operation by 2029. I know there was a lot in this video, so let's recap. Very clear roadmap when it comes to the rollout for autonomy features for retail customers. Step one. Hands-off driving. Check. Already in Lucid Air today, coming to Lucid Gravity in Q2 of this year. Step two. Now we're expanding that to city driving in 2027, both for Lucid Gravity as well as for our midsize platform, specifically in 2027, our Lucid Cosmos. Followed in 2028 by eyes-off driving on the Lucid midsize platform. Last but not least, the mind-off highway and city driving by 2029. Erwin talked about our high take rate and the fantastic feedback we have gotten from customers. Let me share with you a couple of the feedback that we received since rolling out our hands-free driving and lane change. What are customers saying? Those are not my words. Those are feedback we get from the Lucid Owners Forum. We get it from Reddit, we get it from other platforms. "Fabulous update. Hands-free DA was flawless. Turns are now as smooth as silk." "Lucid knocked the ball out of the park. It's that perfect. I drove it with zero issues." "Tried a lane change to the far right as the vehicle was going downhill. Brutal test." Not my words, that's the owner's words. "Brutal test, and it handled it like a champ." I have nothing to add to that feedback when it comes to our DreamDrive Pro performance in the real world. Now, what I'd also like to share with you this morning is that we're introducing the option to get autonomy levels by subscription. Starting in 2027, we will offer different levels of autonomy once they become available, starting from $69 a month, and that starts with L2++ or hands-free driving, as we've seen in the prior roadmap slide. $69 to $199, depending on the autonomy level when the technology becomes available from Lucid Motors. What have you heard this morning about Lucid's approach to autonomy? What we learned is that through leveraging our core technology foundation, our relentless innovation, and smart partnerships, we're participating strongly in the developing market for autonomy, both for robotaxis as well as personal vehicles. With that approach, we have a right to win. How do we have a right to win? I wanna come back to what Mark shared with you earlier. I give you five reasons how Lucid is gonna win in autonomy. One, level four ready vehicles straight from the factory. What you see right here in the room, the Gravity Robotaxi, that comes off the assembly line by the end of this year from Lucid Motors. Sensor integrated, everything integrated, ready to go. Two, as Zach and Derek and Emad have shared multiple times, we have the best efficient EV platform on the planet. Three, we're partnering with the best of the best, namely Uber, NVIDIA, Nuro, and others. Four, our approach is responsible from a cost and investment perspective. We call it the capital-efficient approach. Last but not least, we are pursuing a dual path to commercialize autonomy, both for robotaxis as well as autonomy features for our retail customers. That's what I would like to share about autonomy, but now it is my pleasure to call our CEO, Marc Winterhoff, back to the stage to share with you some exciting news. Thank you, Kay, for all of the information and really, you know, exemplifying how important autonomy is for us. I actually have a special guest that I would like to ask to the stage now 'cause we have here today Andrew Macdonald from Uber, President and COO of our, I would say right now in that space, most important partner, and I'm super excited to have you here for a little bit of a fireside chat, asking you about things, how you see the market and other things. Thank you for coming. Happy to be here. Thank you. Shall we sit down? Great. Good to be here. It's such an exciting day. Yeah. Maybe I kick it off with some questions. I mean, we just talked a big game about the Robotaxi market, right? How does Uber, how are you seeing it? Is it developing now? Is it scaling or how are you thinking about that? I mean, first off, I'd say I think you guys are thinking about it the right way. I think that was a very compelling narrative. Our, you know, from our perspective, and I think this is sometimes a misconception people have about Uber and what autonomy means for Uber, but we are extremely excited about autonomy, you know. We think we're the largest mobility platform in the world. Autonomy is going to make mobility much safer. It's gonna make roads much safer. It's going to ultimately, over the long term, bring down the cost of transportation and bring a vision that we've frankly talked about for 16 years, but haven't yet brought to life, which is true mobility as a service, right? I think the days of, you know, I've got three daughters under the age of five. I don't think any of them are gonna get a driver's license. You can see it in the data today that 16 year olds in the U.S. aren't getting their driver's license like they used to. We're big believers in autonomy. It is gonna take some time, right? I think the edge cases in autonomy still exist. You still see it every single day as commercialization starts to happen. There are edge cases that need to be ironed out. We think as the largest mobility platform in the world, that we can help bring autonomy to life, and we're encouraged by the progress. Progress on the software side, you know, there are multiple L4 players today that have sorta hit the finish line on L4-capable software and are hitting the starting line on commercialization. There are vehicle OEM platforms emerging, such as Lucid Gravity today, that are autonomy-ready. Mm-hmm. That have the necessary levels of redundancy and compute on board, and then are able to build in the sensing. That cost needs to come down over time, and we can talk about that, but the OEMs are getting ready, and I think Lucid is the leader amongst the OEMs, or one of the leaders amongst the OEMs. Finally, consumers are ready. I mean, we see it in our data. We have deployments live in the U.S., in Austin, in Atlanta, in Phoenix, in Dallas, and rolling out more and more. What we're seeing is not only are existing ridesharing customers choosing autonomy when given the option, it's actually growing the market in cities that we're operating in, and that's exciting. Yeah. Awesome. Yeah, I mean, now that we're sitting here together one-on-one in a small setting. Yes. Nobody's watching, maybe you can share a secret. Why did you choose Lucid for that collaboration? That tee-up wasn't in the script. I was wondering where you were going there. Uber didn't throw you off. Better to keep it real. Look, I think a couple things, and I just heard in Kay's presentation. Yeah. We believe in a vision for transportation and a vision for mobility, which is shared, electric, and autonomous. Mm-hmm. I believe Lucid is going to be one of our premier partners in bringing that vision to life. Why? Well, A, you're ready today. You know, the Gravity platform has the necessary redundancy built into the core components, the efficiency, as we just heard a lot about, which is really important when you think about how autonomy is gonna commercialize. These vehicles need to be ready for long-range fleets today. There's a lot of wear and tear on rideshare vehicles. It's a different, ultimately a different asset experience than a personal vehicle in the sense that you need ultimate durability, ultimate efficiency, and the ability for long range and, you know, 20 plus hours a day of driving, and the Gravity platform's ready. One is, it's just the. You guys are ready today, and that's really exciting for us. Two, I think this matters. There's sort of the right DNA at Lucid. You've been a tech-forward OEM from your inception. With respect to our many other OEM partners around the world, you know, a lot of the automotive industry is trying to adapt and become tech first, become software first, become electric first, but you guys started there, and I think that's really important. For those two reasons, plus our just shared belief in the vision for where we head, I think Lucid's a great partner. That's great to hear. Another question that I have. You have a lot of autonomy partners. You have a lot of corporations that you signed. As a matter of fact, you just announced one this morning. Overnight, yes. Overnight on the other side of the world, in Japan, and also one, you know, I think yesterday. What is how do you see our collaboration compared to others? What is different? Yeah, you know, to start, I think we've been very open about our strategy and our belief in how the market evolves, and we think that, you know, every automotive OEM is going to need an autonomy strategy, and it's ultimately gonna need to produce L4 vehicles. There are dozens of software companies around the world building the software capabilities to drive a vehicle autonomously. Our intent is to be an open platform and partner with everyone to provide a great experience for consumers, to make the world a safer place, to improve mobility, all these great things about autonomy that we were just talking about. Mm-hmm. I do think our relationship in the Lucid-Uber and Lucid-Uber-Nuro partnership is particularly unique for a few reasons. One is I think the depth of collaboration, you know, from my perspective, goes deeper than, in many cases what are commercial agreements with other players, but not the sort of true in-the-trenches building the platform and approach together. I mean, you know it as well as I do. Our teams are together daily. Daily, yeah. how's the exterior of this vehicle gonna look as we add autonomy sensing capabilities? What is the interior experience look like? How do we optimize that for rideshare passengers, which again, is different than personal usage? What does the vehicle controls look like? What does the interface customers are using look like? How does that all blend together seamlessly and really adhere to the standards that Lucid has set? And that's hard work. It takes trust, and it takes, like, I've actually, I think, a deep understanding between organizations, and we're doing that work today. So that's really important. The second thing that's unique is this is a three-way partnership, right? We both have independent partnerships with Nuro, and we are doing a three-way thing here, which can be very complicated, right? I think in any industry, doing sort of multi-party partnerships is complex. We've got a unique opportunity to leverage what each of our companies is best at, right? Right. Lucid leading on our vehicle experience and the vehicle platform, Nuro leading on the L4 software, and Uber leading on the platform and network and go-to-market for autonomy. I think that's a really compelling group there and that's unique. You know, finally, I'd say we have aligned interests and that, you know, in a relationship that matters, in a partnership it matters. We have a vision that I think is shared for the future. We wanna scale volume. We wanna go big with this. Yes. We wanna go global with this. We have management team relationships. We have board-level relationships. We're an investor. You know, there's just a lot of tight ties that I think means that moving forward together makes a lot more sense than moving forward apart, and it's gonna be great for our customers. Yeah, I have to actually say our teams work great together. I mean, I was also kind of hesitant. Okay, there's a lot of cooks in the kitchen, you know. Yes. When three parties are coming together. Everything that I see and what I also hear from my own teams, it is actually pretty seamless, and it's really integrated teams. That's the only way to make this work to this point. It's been fantastic, and I'll tell you, everyone at Uber who works on this project is just a true believer in your product, which I think makes a big deal as well. People wanna work on stuff that they're inspired by. Yes. I think that's. Great to hear. Yeah. That's awesome. Okay, well, we announced the 20,000 Gravities, and how do you think this collaboration is developing? What comes after the Gravity? Yeah, I mean, it's a great question because I think what we have planned for 2026 is really exciting. We know that's just the foundation for something that's gonna be much bigger and is gonna change the world. You know, the ridesharing industry, right? Uber was founded in 2009. I've been with the company 14 years. The ridesharing has always been a supply-led business, right? Uber's had the great fortune of having such great product market fit that if we put more cars on the road, we can fill those cars with customers. Mm-hmm. I think the development here is going to be the same. We wanna get to scale. That means we need volume. We wanna launch more cars in existing markets as we stand them up. We wanna go to more cities, more countries, and we wanna do so with volume. Now, today, Lucid offers a premium experience, and that's really important. I think it's really important for the early adopters of autonomy in the consumer space to experience that premium-ness. I think over time, though, we wanna go mass market, right? To do that, you need to bring the prices down, both of the individual consumer rides, but also the underlying vehicle platform, the compute and operational cost, the sensing kit, all the things that we know goes into the deployment. We've gotta bring the cost down over time to go big on volume, and I'm really excited about the sort of development track of the mid-size platform. In fact, I think I'm now authorized to say that we're finalizing an agreement, Uber and Lucid, to do a similar deployment of the Lucid mid-size platform at similar levels of volume of the Gravity Robotaxi platform, and I think that's really exciting. Yeah. It's a great development, and I'm so happy. Thank you. Yeah. Awesome. Yeah, we're working very hard on this to, you know, as you said, you know, you really want to bring down the cost. You know, we started together with the Gravity, but we all knew this is more for the premium sector, and we need to go one step down. We are totally excited about the status, which is almost done. We'll see. Well, now we have to get it done. That's right. Maybe I take over and say a little bit how I see what comes after the mid-size. I would love that. Yeah. Because we are, we're not stopping with the mid-size, as you can imagine. Mid-size as it is today, because what I would like to reveal is that we are working on a dedicated Lucid robotaxi, which is based on the mid-size platform, but we made a lot of changes to make it even more efficient and more suited for robotaxi applications. Do you wanna see it? Who's gonna say no to that? Of course. Okay. Why don't you join me, come over there. Let's do it. Take a look. I'm gonna fit in this vehicle, right? Yeah. I hope so. If not, then we designed it wrong. Oh, it's beautiful. I'm introducing here Lunar, our two-seater robotaxi concept that we have developed. As I said, it's based on the Midsize platform, so again, it has a lot of commonalities. Doesn't mean we can do this tomorrow, and as you can see, it's still a concept. Yeah? We can implement a two-seater robotaxi in a very, very short period of time. Maybe we can walk by. Yeah. Maybe if you can take the passenger seat. Of course. We actually have to rephrase this in the future, right? There is no passenger, no driver anymore. You take the right seat, and I take the left seat then. You see here, purpose-built, very easy to access a luggage compartment. When we go and sit in the car, I mean, you're much taller than I am. Let's see whether you fit. It's a beautiful vehicle. I'm amazed by the storage space. Oh. Here in the front, we have also integrated the new wide screen where, well, the left passenger and the right passenger in the future can actually interact together. There's also an AI assistant in this which we have not activated today. I wanted to point out. Well, are you sitting comfortable? It's wonderful. More space than I could have imagined. I think the view is beautiful. The screen is beautiful. You know, from an Uber customer perspective, I think the whole trip changes when you're reorienting the vehicle around this in-car experience. Yeah. Also, what we think is important with the way we have designed it, and I know we haven't discussed it with you, but when you see the front here, you can obviously relax like you're doing right now. You can also, if it's a short trip, quickly take luggage or anything here in the front. You don't even have to open the trunk. Just put it in here. We also watched very much out for how easy it is to get in and out. Because that's what we always hear, that, you know, in some robotaxis, it's very easy because they're very bulky. Mm-hmm. They're not very efficient. Others are, you know, differently designed, but it's very hard to get in and out. That's another point. Efficiency. This concept, based on all of our calculations right now, would achieve between 5.5 mi and 6 mi per kWh. Wow. It's even a significant step up from what we have done with the mid-size, although we're actually using the mid-size platform. We're also estimating that the operating cost would be 40% less than what is currently being used as robotaxis. A drastic change, which I mean, for you is very important since, you know, every cent counts per mile, and 40% is a significant number. As you just said, we think that having great entertainment in the vehicle offers a lot of opportunities, not only for customer experience, but even additional monetization potential. 100%. in the vehicle. Yeah. I mean, I think, first of all, I feel like I'm sitting in a personal theater with a comfy chair and lots of leg room and a media center in front of me. Second of all, I think our customers are gonna love it, so I'm really excited. Yeah. Very, very interested in working with you guys and driving this further. As I said, we have not yet discussed whether that's exactly the specs that you guys are looking at, but our teams have actually, you know, spent already. In my opinion, way too much time to develop that concept and drive it to where it is today. Yeah, this is our future when it comes to the Lucid robotaxi. Fantastic. Well done. Okay. Thanks very much, Marc Winterhoff. It was a great conversation and thanks for all of the insights, and I hope everybody enjoyed it. Now, I'm actually. Oh, it's still running. We might be able to cut that short. Yeah, coming back to the specs here. Now I would like actually to invite Taoufiq Boussaid to the stage, our CFO, to tell you why you are actually here. You wanna know about the financials. Taoufiq Boussaid, take it away. Thank you, Marc. Hello, welcome everyone. I guess that you've heard about the many obsessions that we've been developing in the company over the years. Obsession about technology, obsession about efficiency. I might add some additional obsessions of my own, and it's obsession about cost, obsession about free cash flow. These are obsessions that we don't want to cure, actually, that we will keep promoting in the organization. Now, that's probably one of the key things that we're trying to change, which is leading us to believe that the company is going through significant pivotal time. It's not only on the back of the macro environment, some of the technologies reaching maturity, it's also about the fact that we strongly believe that we're reaching the end of a cycle in the company. It's the end of a cycle where we have been investing heavily. Some refer to it as the cycle of cash burn. We prefer to refer to it as the cycle of heavy investment, and that's what we've been doing in the company. It's not like we were shoveling dollars in an oven. We were taking every dollar and building a manufacturing system, bringing our technology to maturity. Now we're entering into a cycle where it's about time to start harvesting the fruits of this investment. Three things will underpin the pivotal time for the company. It's the scale, the profitability, and the capital discipline. The scale will come on the back of the growth. We have a very well-defined roadmap to achieve this growth. We discussed about the mid-size. It's allowing us to tackle dramatically different markets in terms of size. We talked about the additional revenue streams that we have been working on, be it software, ADAS, and so forth. These are gold revenue streams as Erwin has referred to them. I also like them a lot because of their low capital intensity. Profitability. Profitability will come because we have better mix. We are reaching the scale. We are in a position where we are in a better position to absorb the fixed cost that we have been building over the year. This is not something that we did without purpose. It has been done by design because we needed to stabilize our manufacturing system and to be ready to put in production our products, our platforms in the best possible conditions. This is where we are now. We will also be obsessed when it comes to profitability to going after every dollar. We are not going to under-spend. We know where our value creation areas are. We will continue investing in that, but we will do it in a smarter way. We will stage gate our investments. We will rationalize our portfolios. We will make sure that the areas where we spend our dollars do generate a multiplied return for the company. Capital allocation. Again, we have been investing heavily. We did these investments because we had good reasons to do it. It was by design. Now we're moving to a different type of profile when it comes to the way we will be investing in our company. With that in mind, we have now defined our objectives for the midterm and what we refer to as the late decade. For the midterm, what we're aiming at in terms of revenue is high single-digit and high-teens% by the late decade. Gross margin, positive in the midterm, mid-teens% by the late decade, and capital allocation in teens% as a percentage of revenue for the midterm and single-digits% by the late decade. This is the framework against which we will be operating. Now, when you look at the road map and how we will be executing the plan, we don't look at it as a single learning or single improvement curve. We will have three distinct phases in our trajectory. The first one is right now. That's the very short term, and everything is about execution. We want to stabilize our performance, and we want to solidify all the things that we have been working on. We want to drive the cost per unit as low as possible, and this will be the primary focus for us during 2026. With that, we are expecting to double the revenue growth, a high double-digit revenue growth for 2026, and a significant reduction of our unit economics improvement. Comes the midterm. The midterm is very important because this is the moment where we will be able to materialize the proof point of the midsize, allowing us to drive scale. We will be absorbing higher portion of the fixed cost that we have been building over the years. We will be leveraging the mix effect that this will do on our top line, and we will be moving faster to a higher gross margin generation and also a cash generation. This is also a phase where we will start seeing the effects of the diversification of our top line. We will start introducing new sources, new revenue streams, which will allow us to de-risk, to diversify, the way we drive out of line. By the late decade, our ambition is to outperform. We strongly believe in the unique value proposition that the technologies that we have been developing over the year will allow us to do in terms of performance. We strongly believe that we will be in a position to outperform in terms of global growth, in terms of autonomous solution scaling, and in terms of advantaged cost base. That's the plan. Again, it's not a single, learning or improvement plan. It's three different building blocks, three different foundations, three different phases, each one building the foundation for the next one. Now if we move to 2026 very quickly. We have already communicated some of the high-level guidance that we have for the year. Just reiterating some of the key figures. The delivery is 25,000-27,000 units, a CapEx of $1.2-$1.4 billion. Again, it's a year where we need to further scale the Lucid Gravity. That will be the key focus. We have seen a very good level of performance for Q4 when it comes to the production. We were able to hit 2.1 or 2,100 units a month during Q4. A very strong proof point of our ability to scale the production, and that's something that we will continue doing. The expansion, international expansion, that's also something that will kick off actively in 2026. 35 new locations will be opened during the year. It's something which is absolutely key for us to further expand our top line. The obsession on cost and the obsession on driving the unit cost improvement, not only through the BOM, but also through all the work that we've been doing in terms of engineering, simplification, rationalization. This is also a very important lever that we will be activating. Also the efforts in terms of cash preservation and extending our cash runway as far as possible. Comes the midterm and how we will be expanding our top line. The graph basically gives two key data point. The first one is that for the midterm, in the next couple of years, the majority of our growth will come from the core business, which will mainly rely on the Air, the Gravity, and the midsize starting 2027 and most importantly, in 2028. Altogether, these three platforms by 2028 will allow us to reach an overall production of 100,000 units per year over the period. The second important information is the change in the mix. The Gravity will keep scaling up over the next couple of years. In 2028, you will see significant contribution from the midsize in terms of revenue generation. On top of that, 2028, this is the year where we will start seeing a meaningful impact on the top line from the additional revenue streams that we've been discussing. That's the ADAS autonomy, the business, the B2B partnership and so forth, that we've been discussing about. Again, many things will happen. The underlying message is that we don't want to rely on one source of revenue generation. We want to diversify and de-risk this revenue generation, leveraging the global scale, leveraging and offsetting some of the cyclical effects that we might have from one region to the other, and also diversifying the sources of revenues in a very short period of time during the next couple of years. That's for the top line. Now, if we move to the cost, that's also an area where we will be absolutely relentless in terms of effort. We want to be able to deliver a cost saving per unit of 50%-60% overall for the company. That's something that we're absolutely confident we will be able to deliver. We have proof points. It's something that we are not going to start. It's something that we've been working already on for so many quarters. Now it's really a matter of accelerating. The way we will do it, obviously, we will go after every dollar that we can find in the bill of material. That's something that we do well. We're very happy, and Marc has touched on that. We have already sourced a significant portion of the mid-size bill of material in a way that makes us quite satisfied and very happy about the performance. We will continue doing that, and we will leverage this success to also impact the bill of material of Lucid Air and Lucid Gravity. Emad has explained what we're doing. Emad and Zach have explained what we're doing in terms of radical efficiency. This is something which has also a direct impact in the way it's driving cost. They have elaborated on that. They will discuss and explain this much better than what I will ever be able to do. This efficiency, the simplification, the rationalization, has a direct impact on the way we're driving cost overall for our business. There is the mix effect on resulting from mid-size. This is something that will contribute to the overall 50%-60%, and we will continue targeting ad hoc opportunities, going after every pocket of optimization that we might have in the organization. That's when it comes to the cost. Now if we bring this together, what does it mean in terms of our journey towards the break-even? We have a direction which is relying on several levers. We are not counting only on scale to make the break-even happen. We have a multi-leg approach. Obviously the overhead absorption, because of the installed fixed base and the fact that we will be bringing volume to absorb this fixed cost absorption, will have a significant impact overall in the trajectory. The bill of material coming from the scale and the new volumes that we will have going forward will also have a significant impact on top of the manufacturing improvements, productivity, stabilization of our manufacturing system, plus the golden revenues, that we all like in the company that will also start kicking in and having a significant impact on our P&L in the next couple of years. Again, it's not something that will happen in the future. Many of these levers are already happening. We're tracking them through different metrics. It's something that we really want to make sure that we capture as fast as possible. We have specific KPIs, just disclosing and showing you some of the things that we're looking at. Obviously, our ability to scale the production is a very important one. The extensions of the partnerships that we have just discussed about between Uber and Nuro and ourselves is also a significant contributor. The start of production by the end of the year for mid-size, significant proof point on our ability to deliver on this trajectory for the margin, and obviously everything we're doing around autonomy. Now with that in mind, we discussed about gross margin. That's part of the equation. There's the below the line additional cost that sits in the OpEx. That's also something that we will be tackling in a very bullish way. We will have a phase of transition. R&D, again, it's something that we will continue investing on. We will constrain it at 10% of the revenue in the midterm. Same goes for SG&A with additional opportunities to improve it. I will explain later on what the profile will look like by the end of the decade. We are already taking the actions that will allow us to bring the OpEx at the level of the benchmark that we see with some of our competitors. That's for the P&L. If we spend one minute on the balance sheet and the CapEx. We have been spending a significant amount of dollars for the CapEx over the years. That was done by design. We needed to implement and to establish our manufacturing system. This is now done, virtually done. By the end of the year, it will be done, and the best proof point is how the overall spend in CapEx will shrink dramatically over the years. It doesn't mean that we will be underspending. It means simply that we're moving to a new model where we spend more efficiently and our CapEx profile is more about maintenance CapEx rather than adding up capacity. Obviously we will retain some flexibility and we'll adjust based on the market developments. For the moment, we're aiming for a very prudent approach and a very prudent CapEx projection for the coming years. Now, the diversified revenue mix. I already touched on the additional revenue streams, but I think that it's also important to translate into a figure some of the things that Erwin has explained earlier this morning around our expansion in Europe. Europe and rest of the world, actually, this is really something which is important for us. We see the potential to deliver by the late decade around $5 billion of additional revenue coming from these regions. On top of the incremental revenue that this delivers or these new regions will be delivering, what is important is what it does in terms of de-risking our profiles. We will not be relying only on one region. The cycles are very different from one region to the other, and this diversification will allow us basically to counter some of the negative cycle developments that we might have between regions. It's something which is very important to us. The second aspect on top of what we're doing in terms of diversification of the revenue is to change our model to a more efficient model. The best indicator to measure the change towards this more efficient model is how we're spending in the different categories of spend that we have in the company, be it in R&D, SG&A and CapEx. These figures that we have in our plan actually are the best benchmark that you can compare us to, and that's something that we will be delivering on. We are not going to wait the end of the decade to implement that. This is something that we are already working on, and we know how we will be generating that. It will not be only on the back of constraining costs. It will be on the back of all the structural changes in our operating model. I guess that once we establish all that, I think the question is, how are we going to leverage all that to come to a break-even free cash flow? Again, we are obsessed by free cash flow. I have my treasurer right in front of me looking at the table once again. It's something which is at the heart of what we're doing every day. It's something which is at the focus. We are now in a stage where we're doing a cost, design for cost. We're doing a design for cost for midsize specifically because we want to accelerate our path and our journey towards the neutral free cash flow. It's absolutely important for us. We're very proud about the products and the technologies that we're delivering. As I like saying, great products don't make great companies. We want to become a great company, and the only way to assess what a great company is in its ability to generate cash. This is what will represent a great success for the company once it's achieved. Our journey is very simple. It starts already this year. At the end of this year, once we have completed the significant investment, the investment that we have in CapEx of $1.2-$1.4 billion that we have already announced in our guidance. We will leverage the scale. The Air and the Gravity are not dormant platforms. Gravity, yes, we might have reached. Sorry, the Air, we might have reached the full potential of what it can do in its segment. Gravity is still growing, and it's a great product, and we want to leverage the scale on this product. Midsize comes next year. It will accelerate this journey towards the cash generation. We will have non-new vehicle revenue work streams, which will also contribute to this overall cash performance. We will significantly reduce the CapEx because we will be shifting to a maintenance CapEx mode. By the late decade, we're expecting a positive cash generation for the company. Translating this into something that we really have at heart, which is: how do we deliver shareholder return? Again, we are not only here to do great products, we want these great products to generate money and to generate shareholder returns. We have four building blocks. I already touched on them. It's about the growth, but not only the growth, it's growth at scale. It's about the profitability with the targets that I have already mentioned. It's about the cash conversion and how we accelerate the journey towards the cash positive and the capital allocation, a disciplined capital allocation policy that we want to do. The vectors of our trajectory in terms of performance are very clear. It's also three different steps. In terms of business and offering from the company, it's around the core business, which is the OEM, the automotive OEM, software and services, and autonomy. Unfortunately, I hope that things will change today, every time we were asked question about what are our upsides, the profile of our revenues, everything was about cars. We're very proud, very happy to make cars, but we are also a technology company, and we want to monetize this aspect of our company. We were a little bit too humble about that. I hope that now we're conveying a different message on our ability to drive the technology aspect of our company and to monetize this technology aspect. This is really something that we will be doing. We like this revenue because it's recurring, because it comes with a lower CapEx intensity, because it comes with higher margins, and this is something that we will be doubling on going forward. That's the plan. That's how we will be expanding. Having said that, we're very confident about the upside, we're very confident about the plan, but we're also realistic. We know that there are things that can go wrong. That's the reason why on top of accelerating and having deliberate actions to drive the performance, we're also spending a lot of time to understand all the potential derailers and how we can mitigate them. This is a significant component of what we do on a day-to-day basis as a management team in the company. When it comes to EV, we know that the global demand for EV and autonomy can shift. We are in a cycle. The cycle is still uncertain. It can change depending on how macro environment evolves. We do believe that the diversification in terms of revenue streams and also the diversification in terms of manufacturing footprint is a significant mitigating factor to this potential fluctuation. We know that competition is active. I mean, we hear about China. We hear about how fast they're going in EV and developing their technology. We know that. We are also confident on our ability to counter this risk because we're confident on the value that our technology brings, and we're confident that the fact that we will continue investing will allow us to keep an edge versus this competition and keep this competition at bay in the future. We're still dependent quite a lot on the policy and regulatory changes. That's something that we're also closely monitoring. With our own limited means, we try to influence where we can influence by explaining things and by driving a different perception on some of the things related to our sector. We're also perfectly aware that capital availability might become scarce. We're looking at interest rates on a daily basis. We know that it's something which can also make many businesses derail. That's why we're also diversifying our revenue streams with less CapEx intensity through less CapEx intensity opportunities. That's for some of the key risks. Obviously, there are many risks on top of that that we're monitoring, but we have also a lot of upside, and we have additional opportunities. Among them, we know that the tariff environment is a very fluid environment. Things might shift, and this might have a significant impact on our bill of material on our revenue streams as well. The robotaxi scaling is also following a maturity curve. This maturity curve might go faster than what it is today, and this will generate additional opportunities for us. We will be also capitalizing upon some of the market dynamics, and we have touched on some of them with some of the U.S. leading competitors withdrawing or stopping the production of some of their two platforms that they have. This is a great opportunity for us, and Erwin has provided some of the metrics associated with this opportunity, plus all the additional aspects related to the battery cost reduction and regulatory environment, which can also generate significant upside to our business. With that in mind, I think that it's probably important to summarize the key building blocks on which relies the Lucid investment thesis. I think that it really focuses or relies on four key building blocks. The first one is our technology. I think that we spoke enough about that. We spoke about how proud and obsessed we are about our technology. We explained how some of the things we're doing is giving us up to five years advancement compared to the nearest competition, and that's something that we will continue pushing. It's something which has a value, and it's something that we are going to monetize in a more active way. We also have, and we've been doing this for the last few years, world-class infrastructure and manufacturing system. We want to get the best from this manufacturing system. We didn't invest and went through the pain of investing all these $ billions in this manufacturing system if we were not sure on our ability to extract value out of it. This is the phase and the moment where we will start getting value from this investment. We have front-loaded the investment. We will be moving to another profile of CapEx spend going forward, and it's really the right moment to capitalize on the value creation on the company. We have also a capital-efficient approach in terms of driving top lines. We have already elaborated on that. The combination of all this makes our case truly compelling. Now there's a question of timing. Some might say, "Okay, we need to wait until we see proof points about all that happening." This might be too late. I think that these proof points are happening already now. It happens already now because we have great products already in our portfolio. We have the Lucid Gravity, which again is by all measurable means one of the best SUVs, and not EV SUV, Erwin, available out there. We're very proud about the potential of this product and the potential that it can generate and for the company. The midsize TAM is huge. Some of you will have the opportunity to have a sneak preview at the car, which is located just over there. I guess that you will really feel the excitement that we all feel in the company once you see it. It's really an inflection point that we're going to, and this inflection point is right now. I guess that I have summarized most of the key points. We will obviously be discussing with many of you during the next coming weeks to further elaborate on some of these key messages. For the moment, I think, Marc, it's time for me to hand back the stage to you. Thank you, Taoufiq. Yeah. Now I have actually the difficult task to summarize it again in a broader way than you just did, because I think you already summarized everything very well to the point. I hope that everybody who is here today in New York and also online, you know, got out of it the information that you need. As Taoufiq said, we are very happy to go into further elaborations, you know, discussions. As you probably can tell, our whole team likes to talk about those things in detail and forever. There's no shortage of insights that we are willing to share. I would just like to go back to where I started. Yeah. In the very beginning, I said, "Okay, these are the things we are talking about. These are the things that we want you to take away at the end of the day. I hope we made clear that we have a clear vision to be a leader in the mobility technology space. At the same time, we not only have great products right now with the Air and Gravity, but we also have a clear plan how to grow it and to add additional revenues on top of that, both, you know, with new software revenues but also through expansion. Taoufiq just said that Air has, you know, reached a plateau, which is correct in the United States, because we're actually very high with our market share already. Now we're expanding more internationally, which we haven't really focused on up until now. Now we are doing it starting with Europe and with Middle East. We actually have plans beyond that later on. The big prize for us, as I hope that became very clear, is the midsize, where we are on track to start the production by the end of the year. I think we found the way to really bring our compromise nothing ethos, our product superiority to the midsize at a much lower cost for us and therefore lower price for our customers. When it comes to robotaxis, we talked a lot about autonomy. I'm thanking Marc very much for confirming that market is growing or your expectation is it as well. We see that as well. I also think that, you know, we might see it scaling faster because it is really a supply problem. You said that last time when I spoke with Dara, he said the same. If we would have more cars, we could deploy them tomorrow. It's really more the question about having the cars, and we want to be a leader, a leading supplier or partner in that space. Then just mentioned additional revenues, particularly software-based. I think we have a lot of very good and exciting things coming. We will introduce subscriptions starting beginning of next year for our ADAS offering that we will have then, which will have L2++, which doesn't mean a lot to many people, but maybe. Well, it's basically FSD. That's an easy way to describe it. From there we continue on the higher levels, L3 and L4. Taoufiq, I think, was very clear about our next obsession, capital efficiency and, you know, preserving cash and generating cash, really to drive the business forward to, you know, positive gross margins in the midterm and then positive cash flow in the late decade. With that, I would like to thank everybody for coming and also for joining in and listening to our presentation. I can't believe it's already over, but I think we are pretty much on time. We're not done because now we move to a Q&A, and I would like to ask all of my colleagues, all of my speaker colleagues back to the stage, and then we open it for Q&A. Thank you. Okay, ready for questions. Thank you. Is it on? Yeah. Thank you. Michael Ward at Citi. First off, thanks for doing this day, all of you. Very impressive. First, a simple question. The Cosmos and the Earth, are they being introduced simultaneously or are they different products or are they trim levels? They will not be simultaneously, but they're not trim levels. They're actually different products. How far behind is the Earth from the Cosmos? It's about a year. About a year. Okay. Second thing, and maybe more importantly, huge gains in efficiencies on the product side and the cost side, manufacturing side with the midsize platform, will and can that be incorporated into the next gen of the Atlas and Gravity? I can take that. Definitely, it's under consideration. We've seen many opportunities where our next generation of powertrain and Air and Gravity would be reliant on the midsize technologies. This is one of the factors we included when we projected the BOM cost reduction for Gravity. That's the 28, the midterm type thing you were looking at? Yes. Probably. Some of that, I think. Some of it. Mm-hmm. Thank you. Thank you very much. Hi. Good morning. Andres Sheppard, covering analyst at Cantor Fitzgerald. Congratulations. Lots of information, lots of questions. I'll try to narrow it down to two. Lots of catalysts, I think, to look forward to this year. You guys highlighted a lot, robotaxi, midsize. I wanna maybe also connect those dots to the second production facility that you're also underway, which is also a catalyst this year, which I believe is where most of the midsize will be built. Can we get an update there? How do you foresee once both Cosmos and Earth are production ramps up, what kind of unit mix might you think about? How are you thinking about that? Then maybe lastly, you know, given the geopolitical conflict there in the region, might there be any impact to the production facility timeline there? Thank you. I can take definitely the timeline, the progress. It's still on track. Thankfully, I really hope it stays that way, there are no interruptions right now. It is planned for start of production end of the year. Right now we don't see any things that talk that say that it's not possible. It always can change. That's why, you know, I really wanna say there has been so many things in the past. We've done everything that we can in order to keep it in check. I don't know what's going to happen tomorrow. So far, even with all of the things that are going on, we are on track with that. We start then the midsize production in Saudi Arabia. You're right that it's actually only midsize that is going to be produced in Saudi Arabia, the various top ends. We will also then bring it back to M1 in the United States at a little later point. It's not that it's only built in M2, it also comes back to M1. We didn't want to completely overlay. That is actually very difficult to launch a product at the same time, actually almost impossible, at the same time in two locations. The same people will be involved, yeah. Therefore, we kind of scratched it a little bit, and we started with M2. Sorry, can I ask a quick follow-up? Then I guess just to build on that, you know, you do have that contract with the government of Saudi Arabia for 50,000 units plus another option for another 50,000 units afterwards. Give us a sense of, you know, will most Cosmos be delivered to them? If you're a customer, you know, what's the earliest you might be able to get a midsize given that y ou do have a large contract that you'll be supplying to? Yeah. That's not the case that we are basically shipping, you know, until the 50,000 are full, so to speak, all of the cars down there. That's not the case. We are very cognizant. Actually, the early versions will be North America versions that we build. We know that this is our most important market and that people are really waiting for it. I can't wait to get it to the market, I have to say. We will time that equally, but I have to say North America is actually a priority for us. There will be a significant uptick in what we are able then to sell and to deliver to the government. Because you can imagine Lucid Air, a luxury sedan, there's only so much demand in a government for those kind of vehicles. The Gravity is a little bit higher, but it's still on a very low level. There will be a step change when the midsize comes available because it's really fitting many of the uses that a government might have. Yeah, they don't scoop up everything, and then all the other markets have to wait. That's not what's going to happen. Hi, it's Itay Michaeli from TD Cowen. Thanks again for hosting this event. It's been very, very helpful. Just had a few questions on the late decade gross margin target. First, maybe, can you just mention how you're thinking about the global volume required to get there, and then maybe how you're thinking about kind of vehicle margin versus the software services margin? Lastly, given that you'll be kinda launching L4 in 2029, how much of any of that opportunity is baked in to the late decade margins? If not, you know, how do you see that beyond as an opportunity? Yeah. I think that We will be sharing the presentation, I think, after this event. If you read it in detail, you will be able to connect the dots. We already gave an indication of the volumes that will come from midsize, Gravity and Air. We refer to the 100,000 units by the midterm. We also gave an indication that we will be gross margin positive in the midterm. That gives you a proxy of how you can connect volumes with margin. When it comes to which extent we have included some of the assumption around some of these revenue streams, there is, but it's a small portion. Because what we're saying is that between now and the end of what we call the midterm period, the contribution will be very limited. It will start picking up by the late decade. Stephen Gengaro, Stifel. Thanks for taking the questions. When you talk about the cost outs on the BOM costs over the next several years, how much of that is sort of identified, negotiated with suppliers, and how much of that is sort of your projections off of the new vehicles? Well, I can start and maybe Emad and team, you can then jump in. I mean, for the midsize, it is identified and is actually sourced. Yeah. It's not something that still needs to happen. That level that we have shown here, which I think is actually pretty good, really, what we achieved there, that's already sourced and agreed on. At the same time, when it comes to the reduction that we are now working on Air and Gravity, there's a plan. We have a lot of ideas. It's just a matter of what are we doing first. Are we bringing midsize to market, which has by itself actually a pretty good margin profile, or are we hitting very hard on the cost reduction because it involves engineering, it involves potentially resourcing, revalidation, all these kind of things. That is something that takes maybe a little bit longer, and we are balancing what we are focusing on. There are other elements that we're also already doing with midsize, when we'd have new contracts with suppliers that also help support us and supply us for Air and Gravity. We basically tell them, "If you want midsize, you need to give us a you know a kickback here on Air and Gravity," which is happening. There's already immediate impact, which doesn't require any engineering. On top of that, there's a lot of you know engineering ideas there, and what was just mentioned about the Atlas, for instance, is one. You know, we could bring the Atlas back into those vehicles. Those are things that we are tackling based on priorities. Where do we get the best bang for the buck? Yeah. I can add just a few things. Our supply chain has done an amazing job, of course, in sourcing midsize. But of course, engineering is a big driver there. However, also, you know, we're sharing these, you know, BOM right now today based on our current volumes and, you know, situation as a company. We believe, of course, as we scale, there could be more opportunities for BOM reductions. Thanks even for midsize. Thank you. The follow-up was, as you look at much higher volumes, I imagine your CapEx expectations, you've built in sort of the need for a larger service network into your expectations. Yeah. No, absolutely. I mean, we have broken down our CapEx projection into AMP-1, AMP-2, and the other. Other is everything around our services, CapEx requirement, our commercial network, some of the vendor tooling which might be required as well. The assumptions is already built in the plan. Thanks so much for taking the question. Adam Jonas from Morgan Stanley. Maybe just to start on the autonomy offering, you mentioned 65% attach rate today for DreamDrive Pro. What are your expectations going forward in terms of attach rate as you start to have higher levels of autonomy? Obviously, it comes with higher functionality, but also at a higher price point. Some of your peers have lower attach rates on some of those higher functionality and higher cost solutions. What are your modeling assumptions, you know, under attach rates going forward for your financial plan? Our assumptions are pretty much that we stay where we are right now. Yeah. That is what we're looking at. It is I mean, it can be higher, but at some point it's also then the question, what do we want? Do we want to charge more for it at that rate, or do we want to charge less and then hope for a higher attach rate? Yeah. We will modulate that based on what is best for us. You know, you saw the range that we showed there. You know, the 199 is obviously when we get to L4, because that's basically when you really don't have to pay attention anymore, which is step change from what is out there right now. You know, watch and you're not supposed to do anything else, right? We think that when that happens, and I think it's shared by many of you, I believe, in recent reports that I read, that, you know, the current levels will actually go up. That's what we're expecting as well. Great. Just a follow-up on the robotaxi announcement. Is the R&D associated with that in the financial plan? What's the timing in terms of rollout for that product into the market? The R&D is not in our current plan for that. At the same time, we wouldn't do it if we wouldn't have a business case that makes sense. Yeah. There are different ways to think about how this will be funded, and I don't wanna go into further details here than that. It's currently not included. When I say not included, I mean the robotaxi is the Lunar concept that we have here right now, yeah. What we're doing together with Uber, the next phase, that is all in the numbers. Yeah. Hey, thank you for all the detail, guys. Taoufiq especially. Just on the next-generation vehicle, why have three top hats? I saw the 100,000 number. I'm just trying to square with the bigger market. Okay. Why you'd have three different vehicles just out of the gate there. If you'd talk more on that, please. Yeah, I'll take that. I mean, of course, those are staggered, as Mark mentioned, between Cosmos, Earth, and the two we announced later. You know, that's what you're seeing there is really Lucid diversifying its product appeal for the category. I think that's really important, you know, what Lucid stands for today. As we look towards that larger TAM, we really have to broaden the appeal of our products, both in look and feel, style and function. Those three categories is where we've identified the most opportunity to do that. Of course, like I said, that'll be debuted over time. I would just add, of course, this is based on underlying fact that the platform is common. That differentiation, as Derek mentioned, expands the market significantly with a very minimal capital investment. As we said, 95% common investment and shared parts. It's similar to, for example, the U.S. EV leader did with their two models, you know, the midsize sedan and the midsize SUV. I think it's tremendous opportunity to do the same, but not exactly with the sedan in our case, we don't know yet. I think you can see from the slide that Derek shared where that Air product fits in the market. I would actually like to also add to that because the EV leader these days in the U.S., maybe that's where your question comes from, right? Do you actually need this in order to get to the volume? Well, first of all, I think times have changed. There's a lot of competition, and there will be more competition. That's why we're looking for an approach where we have vehicles that are very different in appearance, but share not only the platform, but 95% of the parts. Yeah. There's an enormous amount of commonality, and it also means that the costs are very simple. That means that it's very efficient to produce. Still, we're able to cater to various different, you know, preferences of our customers. I personally believe that in that segment, the one-size-fits-all approach is not going to work in the future. Hey, John Sager from Evercore ISI. How are you? I wanted to ask a little bit about battery costs. Can you maybe discuss what your expectations are in the plan for battery costs over the period? Related question, would you consider improvements in either faster charging time or better energy density something that you would pay a premium for over today's batteries, or does it? Is cost the primary focus? Yeah. What we shared today, of course, is technologies that we're working on, you know, future technology we're working on the midsize that delivers one of the highest, I would say the highest probably energy density technology, at least in the U.S. here, and best charging speeds. If you look, we shared about 14 minutes adding 200 mi, which actually doesn't necessarily show the full picture because the battery, which we can share the size, it is quite small and compact. The 10%-80% time is super competitive and will be best in the U.S. here. Cost-wise, of course, AMP-1 and AMP-2 could have a variance in sourcing, because if you know, the global tariffs imposed here are forcing us and, you know, allowing us also to explore other sources of battery. Therefore, we're getting a very highly competitive battery cost. Very competitive. The market right now is favorable for sourcing battery at a good cost. Despite recently there's some small noise, but we still very competitive. I think also. Really when you talk about having higher energy batteries or really the story of radical efficiency, is by doing that, you get a little bit more energy in the pack, but then you can get more cells out, you can take out more weight, and then that makes your efficiency higher. What we're talking about is it's not, oh, we had to add cost or we have to add, pay a premium for range. By doing a cohesive system design, you're actually making the product better and driving costs down. Of course, we're gonna want higher, energy-dense cells. That obviously helps. When we do that, we can then take out other cells, drives down our weight, increases our radical efficiency, and then continues to make the business case even better. It's a converging series, whereas you do one thing and you chase everything through the system, you can bring it down even further without having to pay that premium. In summary, smart range concept, which means small battery, long range. This is what the midsize is about. Maybe I add one sentence to it, because what we showed you today is our current focus on what we are prepared to talk about. What you guys didn't mention, obviously, we look at a lot of other things, yeah. But we're not ready right now to talk about it, but we definitely will share, you know, whatever comes out. I mean, higher density batteries, even longer ranges, those, you know. You guys are working on it. But it's not ready to share right now. Right now, we are really focusing on how do we get the midsize to, you know, deliver what we think is still class leading at the lowest possible cost. Hey, guys. Thanks for hosting this event today. Jake Scholl from BNP Paribas. Could you just take a moment to talk about liquidity? As of the Q4 call, you had about a 12 month runway. Can you talk a little bit about your capital needs to get to that late decade free cash flow breakeven? Yeah. I mean, the statement that we made about the fact that we have $4.6 billion of liquidity when we closed last year, and that this is taking us to second half of 2027 still stands. We are not going to give the long-term or the mid-term financing needs for the time being. I mean, we obviously have the plan and the figure, and we know our needs, but it's not something that we're ready to speak about today. All right. Thank you. Just a quick follow-up. Can you talk a little bit about your plans to retrofit some of the newer autonomy, you know, software and chip stack in the midsize into the air and the gravity? Yeah. Yeah, I can take that. Also there, we are applying very much our efficiency approach on the topic, meaning specifically that we are everything that we have learned from the robotaxi application and build of Lucid Gravity, we are applying to midsize. We are able to carry over the redundant compute. We're able to use the same type of sensors, you know, maybe here and there with a slightly newer sensor evolution, but the exact same type, very similar locations. For the most part, we're carrying over more than 90% of what we already apply on Gravity today, and that also helps dramatically with cost efficiency from carrying those autonomy options to midsize. The question was also, are we bringing it back, right? Yeah. We're bringing it back. We're basically, for instance, the compute and the sensors that we have in Gravity. Correct We will bring back into the Air. That's right. Yeah. Then in the future, there might be from the midsize things going back into the Gravity and into the Air. There is definitely a plan for that. Yeah. This is the theme of commonizing the platform from hardware and software. Economy of scale, not just important for BOM and it's also for software development and rollout. Suvrat here from InsideEVs. Thank you so much for having us here. My question is for Emad or Zach, either of you could answer. Can you talk a little bit about the software challenges on the Gravity and how you've addressed them, what you've learned from it, and how do you plan to ensure that those don't reoccur on the midsize? Emad wants to talk about it, about this all the time, though. Thank you for the question. Well, of course, we are a company that evolving and also our appreciation of software complexity. As you've seen in the past three months, our evolution of addressing some of these concerns have been super positive, and our customers are very happy with the progress we've made. The lessons absolutely learned. Now, we increased our certain capabilities in our automation of testing, introducing the new processes, how we release software, developing a few work streams in parallel with shift-left approach of developing software, as well as, of course, we have made some significant changes in our leadership that Marc also alluded to in the past to get this fresh perspective about software. You've seen probably the progress. I'm very confident about midsize software to be very, very competitive. This will be our last question. My point to the team is that we need to be better than the best. There's no compromise. Ivan Feinseth, Tigress Financial Partners. Thank you for taking my question in this great event. What levels are existing cars able to be upgraded to as far as levels of autonomy? How much of the progress in level four will be based on hardware versus software and planning that the cars you probably make two years from now are gonna be able to have much more advanced hardware, advanced processors. How do you kinda line that up with the software upgradeability? Kay, do you wanna take that? Yeah, no, happy to take that. What you have in Lucid Air and in Lucid Gravity today is taking us to level two driving. As you saw earlier, we have the hands-free level two highway driving in Air and fully too that's coming also to Gravity. Now, what we're launching at the end of the year is our also our city drive assist on the same hardware, same software. We can take a Lucid Gravity, the functionality all the way to L2++, meaning hands-free highway and city driving without any hardware changes. Now, when you switch to level three and level four autonomy, that is not a smooth evolutionary step. That's quite the disruptive step in terms of compute needs, also the amount of sensors needed to address especially a very complex in-city and urban driving scenarios. For Lucid midsize platform, you will see for the first time a new ADAS hardware platform, and we're ready to launch that in 2028. That has an upgraded compute and additional sensors. My follow-up is, are you open to third-party partnerships with other companies licensing or partnering your technology similar to like you did with Aston Martin? The answer is yes, 100%. As a matter of fact, what we do for our entire vehicle platforms in the AV market, we're doing exactly that. Yeah, I think you had this actually in your presentation, huh? Because I expected that question. Because it was, for a long time, something that, you know, we talked about a lot, and we also were asked about a lot. You know, there's a long stretch of not a new deal, yeah? I mean, what we're doing right now with, you know, venturing into robotaxis, in this particular case using our platform, is basically the same approach, but supercharged. You know? It's just, it's not a drive unit, but it's a whole vehicle, yeah? As a matter of fact, I keep unfortunately saying this, we have conversations going on as we speak for drive units, for complete vehicles, actually not by somebody like Uber or so, but by an OEM asking us can we do that? Like in the past, those are always very lengthy discussion. The moment when the engineering department gets involved, it always gets to the point, "Oh, just give us more budget and we can do much better than Lucid can." Okay. No one has done it for five years. That's why, you know, last year, we actually also engaged into market with robotaxis, for instance. Well, there is no internal engineering department that thinks that they can do things better. They need cars that work, and they need them fast. You know, as Marc said earlier, there are not so many out there where you can, in a very short period of time, turn it from a car that you have to drive to an autonomous car. Yeah? We're shifting. Quite honestly, we have those discussions, and if it comes to pass, fine, but we're not pushing it right now. Because the opportunity in the, I personally believe, in the robotaxi market is bigger than selling drive units. Good. Well, thank you very much, everybody, for coming. As I said earlier, I can't believe it's already over. Typically, we can, if you want, we can continue talking one-on-one. We have still a lot of things to discuss. I hope that we were able to bring across the trajectory of Lucid, what we're up to, where we're starting, where we are right now with the Air and Gravity and then our awesome driving vehicles and energy efficient. Then how we're adding to that now the midsize, completely new segment that we haven't been able to touch before, software revenue on top of it, and the robotaxis all together really helping us on the path of accelerating to profitability. Thank you very much.