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Lucid Announces Organizational Changes to Accelerate Growth, Optimize Decision-Making and Strengthen Global Expansion

1. Lucid announced organizational changes to enhance growth and accountability. 2. Emad Dlala is now Senior VP of Engineering and Product Development. 3. Erwin Raphael leads global sales and service as Senior VP of Revenue. 4. Marnie Levergood appointed Senior VP of Quality, focusing on high standards. 5. Leadership changes aim to accelerate production of Lucid Gravity and new platforms.

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Why Bullish?

These changes may drive operational efficiency and improve product delivery, boosting investor confidence. Recent historical shifts in leadership in other companies often led to improved performance, suggesting potential for LCID.

How important is it?

The leadership change is pivotal as it directly addresses growth and efficiency, hence likely influencing LCID's market trends and investor perception.

Why Long Term?

Organizational changes typically take time to manifest in operational improvements. For example, Tesla saw long-term benefits from early leadership changes that focused on innovation and quality.

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, /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), maker of the world's most advanced electric vehicles, today announced key organizational changes designed to accelerate growth, streamline decision-making, and enhance accountability as the company scales globally. To support these objectives, Lucid has made the following organizational changes: Emad Dlala has been appointed Senior Vice President, Engineering and Digital. In addition to leading the powertrain organization, he will now oversee all product development functions, including vehicle engineering, digital systems, and software. In his expanded role he will continue to drive Lucid's technology leadership, lead vehicle development, improve cost efficiency and manufacturability, and advance Lucid's software-defined vehicle architectures. Erwin Raphael has been elevated to Senior Vice President, Revenue, with expanded global responsibilities. He will now lead global sales and service operations, driving accountability for revenue and customer experience as Lucid expands further into new consumer markets worldwide. In addition, Lucid has appointed Marnie Levergood, as Senior Vice President, Quality. Levergood will lead efforts to ensure Lucid delivers vehicles that meet the highest standards of quality and craftsmanship, working in close concert with engineering and manufacturing. She previously held quality and manufacturing roles at Scout Motors, Stellantis, and Magna. Levergood succeeds Jeri Ford, who will be retiring after more than 35 years in the automotive industry. "As we accelerate production of Lucid Gravity and prepare to launch our Midsize platform, these changes will help drive faster innovation and stronger execution." said Marc Winterhoff, Interim CEO at Lucid. "Emad has played a key role in establishing Lucid as the EV technology leader. In his new expanded role overseeing complete vehicle development, we have no doubt his leadership will broaden our technology excellence, improve software quality, manage costs, and keep projects on schedule. As we grow globally, Erwin's leadership will be critical to delivering exceptional customer experiences and driving revenue growth. And Marnie brings decades of experience that further strengthens our leadership team." As part of these changes, Eric Bach, Senior Vice President of Product and Chief Engineer, has departed Lucid. The company thanks him for his contributions over the past decade. About Lucid Group Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The award-winning Lucid Air and Lucid Gravity SUV deliver best-in-class performance, sophisticated design, expansive interior space and unrivaled energy efficiency. Lucid assembles both vehicles in its state-of-the-art, vertically integrated factories in Arizona and Saudi Arabia. Through its industry-leading technology and innovations, Lucid is advancing the state-of-the-art of EV technology for the benefit of all. Forward-Looking Statements This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Lucid's expectations related to the announced executive leadership changes, including the intended business performance resulting from these changes. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the cautionary language and the Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Media Contact [email protected] Trademarks This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners. SOURCE Lucid Group

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