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Lucid shares are off to a heart start this month. They're up nearly twenty percent since July first. The shares are rallying after the ev startup announced second quarter deliveries and production targets above expectations. Joining us now, I'm pleased to say, live from the Bank of America Breakthrough Technology Dialogue is Lucid CEO and CTO Peter Rollins with Bloomberg's Tom mackenzie.

Lucid shares are off to a heart start this month. They're up nearly twenty percent since July first. The shares are rallying after the ev startup announced second quarter deliveries and production targets above expectations. Joining us now, I'm pleased to say, live from the Bank of America Breakthrough Technology Dialogue is Lucid CEO and CTO Peter Rollins with Bloomberg's Tom mackenzie.

Tom, Danny, thank you. It's very timely actually because the Festival of Speed is happening as we speak as well, so a lot of auto there's a lot of petrol heads here, but we're all talking about petrol.

Tom, Danny, thank you. It's very timely actually because the Festival of Speed is happening as we speak as well, so a lot of auto there's a lot of petrol heads here, but we're all talking about petrol.

We're talking about evs and as.

We're talking about evs and as.

You say, the CEO of Lucid joining me now, which is a fantastic conversation, we hope, Danny, I'm going to bring you that now, Peter Willings and the CEO of course of Lucid. Let's start then with the production delivery numbers, as Danny was saying, stronger than the markets expected. The shares have had a lift on the back of this, and we compare that as well. We bring in the Tesla story because they come in with slightly better numbers as well in recent days. Is this a sign that the EV market is starting to turn around?

You say, the CEO of Lucid joining me now, which is a fantastic conversation, we hope, Danny, I'm going to bring you that now, Peter Willings and the CEO of course of Lucid. Let's start then with the production delivery numbers, as Danny was saying, stronger than the markets expected. The shares have had a lift on the back of this, and we compare that as well. We bring in the Tesla story because they come in with slightly better numbers as well in recent days. Is this a sign that the EV market is starting to turn around?

Peter? It certainly is.

Peter? It certainly is.

For us.

For us.

We're about seventy percent quarter on quarter with a record delivery in Q two on the back of another record delivery in Q one. Things are looking up, and I think more people are getting the message that we have an extraordinary product in lucid Air, and everyone's also looking for it, looking forward to our new.

We're about seventy percent quarter on quarter with a record delivery in Q two on the back of another record delivery in Q one. Things are looking up, and I think more people are getting the message that we have an extraordinary product in lucid Air, and everyone's also looking for it, looking forward to our new.

Suv, the Gravity, which is coming later this year.

Suv, the Gravity, which is coming later this year.

Give us an update on the Gravity, because I know.

Give us an update on the Gravity, because I know.

Analysts are looking at as well.

Analysts are looking at as well.

They see that as consequential, really consequential for your story longer term. So the Gravity suv is production on track? What is the timeframe? What is demand looking like?

They see that as consequential, really consequential for your story longer term. So the Gravity suv is production on track? What is the timeframe? What is demand looking like?

It is schedule four started production late this year.

It is schedule four started production late this year.

We're seeing an incredible late demand because this is an unprecedented product. It has a range of attributes which really have no right to coexist. It has the driving dynamics superior to a Lamborghini Urus. It has the present stance of a range rover, It has more interior space than an Escalade, and yet it is only a slightly small lot on the outside than our Lucid Air. It's a seven seat, three row suv. This is what the market has been waiting for.

We're seeing an incredible late demand because this is an unprecedented product. It has a range of attributes which really have no right to coexist. It has the driving dynamics superior to a Lamborghini Urus. It has the present stance of a range rover, It has more interior space than an Escalade, and yet it is only a slightly small lot on the outside than our Lucid Air. It's a seven seat, three row suv. This is what the market has been waiting for.

Okay, that's a very good sales pitch there, Peter, talk to us about the margin story, the profitability.

Okay, that's a very good sales pitch there, Peter, talk to us about the margin story, the profitability.

Then at what point can you start to.

Then at what point can you start to.

Raise prices for your vehicles and start to push margins out of negative territory.

Raise prices for your vehicles and start to push margins out of negative territory.

Well, we're able to bring a successively more attainable products to market where our range now starts at just sixty nine nine hundred dollars, and we're able to do that because we've got the most advanced technology in the world. Let me explain, we're able to go further with less battery energy than anyone else.

Well, we're able to bring a successively more attainable products to market where our range now starts at just sixty nine nine hundred dollars, and we're able to do that because we've got the most advanced technology in the world. Let me explain, we're able to go further with less battery energy than anyone else.

I recently announced that we hit the magic five miles per kilowatt hour.

I recently announced that we hit the magic five miles per kilowatt hour.

Landmark, and we're going to reveal a product which achieves that very soon. We're actually at four point seven four miles per kill a lot hour here today with our pure electric vehicle. Now, that pure variant has a range of four hundred and nineteen miles, more range than anyone else in the marketplace, but it does it with just an eighty eight killer our battery pack, and that makes it the most sustainable vehicle on the market today. Any journey you take, that car uses less electricity to go from A to B than.

Landmark, and we're going to reveal a product which achieves that very soon. We're actually at four point seven four miles per kill a lot hour here today with our pure electric vehicle. Now, that pure variant has a range of four hundred and nineteen miles, more range than anyone else in the marketplace, but it does it with just an eighty eight killer our battery pack, and that makes it the most sustainable vehicle on the market today. Any journey you take, that car uses less electricity to go from A to B than.

Anything else in the world today.

Anything else in the world today.

That's on the mass market, okay.

That's on the mass market, okay.

And that means we can have less minerals, less dependence upon mines around the world, less dependence upon sources of lithium, nickel, cobalt.

And that means we can have less minerals, less dependence upon mines around the world, less dependence upon sources of lithium, nickel, cobalt.

And this is what the world needs.

And this is what the world needs.

More efficient, more energy efficient, and more high tech evs and Lucid is leading the way in this respect.

More efficient, more energy efficient, and more high tech evs and Lucid is leading the way in this respect.

Okay, five miles per killer? What ours you say? A magic numbers? You allow Martin number as you've described it. You are, of course backed by Arabia, the Public Investment Fund of Saudia to the tune of about six point.

Okay, five miles per killer? What ours you say? A magic numbers? You allow Martin number as you've described it. You are, of course backed by Arabia, the Public Investment Fund of Saudia to the tune of about six point.

Four billion US dollars. Is it fair to assume.

Four billion US dollars. Is it fair to assume.

That you're going to need to raise a similar amount around six billion dollar level to push forward into the future. Is that about an appropriate number to be thinking about in terms of future funding.

That you're going to need to raise a similar amount around six billion dollar level to push forward into the future. Is that about an appropriate number to be thinking about in terms of future funding.

We haven't guided on the actual quantum, but let me tell you this is a capital invents intensive business and we do need to raise more money and we will at opportune moments in time on the future. Our vision is to be a major player here or the SUV this year. And we've got the mid sized platform coming late twenty six and that's going to be a high volume vehicle mass produced both in the US and in Saudi Arabia.

We haven't guided on the actual quantum, but let me tell you this is a capital invents intensive business and we do need to raise more money and we will at opportune moments in time on the future. Our vision is to be a major player here or the SUV this year. And we've got the mid sized platform coming late twenty six and that's going to be a high volume vehicle mass produced both in the US and in Saudi Arabia.

And you've talked about being in this for the long run with the PIF with Saudi Arabia. Is there a line that they draw somewhere, Peter, where they say, Okay.

And you've talked about being in this for the long run with the PIF with Saudi Arabia. Is there a line that they draw somewhere, Peter, where they say, Okay.

This is enough.

This is enough.

Look, they're the perfect long term partners. We share a long term vision and we mutually incentivize for six They want this as much as I do.

Look, they're the perfect long term partners. We share a long term vision and we mutually incentivize for six They want this as much as I do.

Watch this space.

Watch this space.

They're in for the long term, and this transcends a mere financial investment. We are a cornerstone of them realizing their bold vision twenty thirty where they transitioned their quintessential fossil fuel economy to an environmentally sustainable economy.

They're in for the long term, and this transcends a mere financial investment. We are a cornerstone of them realizing their bold vision twenty thirty where they transitioned their quintessential fossil fuel economy to an environmentally sustainable economy.

Okay, when you say watch this space, I something's going off from my mind suggesting that maybe they're going to come through with another check soon from the saudiast for the business.

Okay, when you say watch this space, I something's going off from my mind suggesting that maybe they're going to come through with another check soon from the saudiast for the business.

Talk to me about talk to me.

Talk to me about talk to me.

About the deal you did with Aston Martin, because it's interesting. So you've licensed some of your technology to asked in Martin talk to talks about the consequences they have delayed their evs. Does that have an impact on that deal? Does that have an impact on LOCID?

About the deal you did with Aston Martin, because it's interesting. So you've licensed some of your technology to asked in Martin talk to talks about the consequences they have delayed their evs. Does that have an impact on that deal? Does that have an impact on LOCID?

Very mildly, but the deal is very strong.

Very mildly, but the deal is very strong.

It secures them high tech electric technology for the next decade. We're supplying them with modules for the battery pack, wonder box charging, two way charging technology, and our Sapphire drive units. These are the world's finest drive units and it's appropriate that as to not get the really top end stuff from our range, the hypercar high performance. If you look at the future, though, it gets a lot more exciting.

It secures them high tech electric technology for the next decade. We're supplying them with modules for the battery pack, wonder box charging, two way charging technology, and our Sapphire drive units. These are the world's finest drive units and it's appropriate that as to not get the really top end stuff from our range, the hypercar high performance. If you look at the future, though, it gets a lot more exciting.

Were you disappointed if they delayed their EV.

Were you disappointed if they delayed their EV.

Well, absolutely, Any delay in any EV is less than ideal. But it's going to come and we have secured their electric hypercar future for the next decade.

Well, absolutely, Any delay in any EV is less than ideal. But it's going to come and we have secured their electric hypercar future for the next decade.

Is that a template for other licenses?

Is that a template for other licenses?

I hope it is, and it's actually initiated a lot more interest.

I hope it is, and it's actually initiated a lot more interest.

We are in discussions with others.

We are in discussions with others.

And when it gets really exciting is you look at the technology that we're developing now from a mid sized platform for late twenty six that really suits mess market, family car and applications.

And when it gets really exciting is you look at the technology that we're developing now from a mid sized platform for late twenty six that really suits mess market, family car and applications.

That's why we're in this.

That's why we're in this.

We're not here to be a niche player, loose it here to bring down the cost of electric vehicle for the benefit of all and be a major player.

We're not here to be a niche player, loose it here to bring down the cost of electric vehicle for the benefit of all and be a major player.

And Rivian doing an interesting deal with Volkswagen in investment from VW into Rivian in exchange for some technology. Is that something you would consider that kind of partnership, that kind of deal.

And Rivian doing an interesting deal with Volkswagen in investment from VW into Rivian in exchange for some technology. Is that something you would consider that kind of partnership, that kind of deal.

I'm always interested in partnerships which involve our technology.

I'm always interested in partnerships which involve our technology.

Okay, we talked about the gravity the SUV coming online. You talk about production the end of this year, deliveries next year. Then what about manufacturing in Saudi Arabia. That's part of a process outside of Jeddi. You're putting the car together there. But in terms of full term manufacturing in Saudi Arabia does that when does that come online? And what is the challenge in Saudi Arabia is the challenge around talent.

Okay, we talked about the gravity the SUV coming online. You talk about production the end of this year, deliveries next year. Then what about manufacturing in Saudi Arabia. That's part of a process outside of Jeddi. You're putting the car together there. But in terms of full term manufacturing in Saudi Arabia does that when does that come online? And what is the challenge in Saudi Arabia is the challenge around talent.

There's always a challenge around talent because as a company, we're only as good as the brain pawer that we can attract. That you know, no company in its own right has experienced. It's only the brilliance of the employees that represent the capability of a company. But we already have the very first car plant operating in Saudi Arabia right this moment. It is running, and that is a kit assembly plant on a very modest scale. We are actually laying the foundations for our major plant which will be scaled for one hundred and fifty thousand unit capacity per annum as we speak, and that is scheduled to be ready for production late twenty six, where we'll put our mid sized vehicle into that plant.

There's always a challenge around talent because as a company, we're only as good as the brain pawer that we can attract. That you know, no company in its own right has experienced. It's only the brilliance of the employees that represent the capability of a company. But we already have the very first car plant operating in Saudi Arabia right this moment. It is running, and that is a kit assembly plant on a very modest scale. We are actually laying the foundations for our major plant which will be scaled for one hundred and fifty thousand unit capacity per annum as we speak, and that is scheduled to be ready for production late twenty six, where we'll put our mid sized vehicle into that plant.

Okay, Peter Rolinson, thank you very much.

Okay, Peter Rolinson, thank you very much.

In the CTEO and CEO of lucid On not wanting to be a niche brand within EVS and hitting that five mile per kilowatts in terms of the rage for their vehicles looking head

In the CTEO and CEO of lucid On not wanting to be a niche brand within EVS and hitting that five mile per kilowatts in terms of the rage for their vehicles looking head

Of course to the SUV as well the gravity

Of course to the SUV as well the gravity