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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Lucid shares are off to a heart start this month.

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Speaker 2: They're up nearly twenty percent since July first. The shares

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Speaker 2: are rallying after the ev startup announced second quarter deliveries

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Speaker 2: and production targets above expectations. Joining us now, I'm pleased

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Speaker 2: to say, live from the Bank of America Breakthrough Technology

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Speaker 2: Dialogue is Lucid CEO and CTO Peter Rollins with Bloomberg's

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Speaker 2: Tom mackenzie.

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Speaker 3: Tom, Danny, thank you. It's very timely actually because the

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Speaker 3: Festival of Speed is happening as we speak as well,

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Speaker 3: so a lot of auto there's a lot of petrol

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Speaker 3: heads here, but we're all talking about petrol.

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Speaker 1: We're talking about evs and as.

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Speaker 3: You say, the CEO of Lucid joining me now, which

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Speaker 3: is a fantastic conversation, we hope, Danny, I'm going to

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Speaker 3: bring you that now, Peter Willings and the CEO of

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Speaker 3: course of Lucid. Let's start then with the production delivery numbers,

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Speaker 3: as Danny was saying, stronger than the markets expected. The

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Speaker 3: shares have had a lift on the back of this,

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Speaker 3: and we compare that as well. We bring in the

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Speaker 3: Tesla story because they come in with slightly better numbers

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Speaker 3: as well in recent days. Is this a sign that

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Speaker 3: the EV market is starting to turn around?

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Speaker 1: Peter? It certainly is.

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Speaker 4: For us.

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Speaker 5: We're about seventy percent quarter on quarter with a record

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Speaker 5: delivery in Q two on the back of another record

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Speaker 5: delivery in Q one. Things are looking up, and I

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Speaker 5: think more people are getting the message that we have

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Speaker 5: an extraordinary product in lucid Air, and everyone's also looking

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Speaker 5: for it, looking forward to our new.

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Speaker 4: Suv, the Gravity, which is coming later this year.

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Speaker 3: Give us an update on the Gravity, because I know.

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Speaker 1: Analysts are looking at as well.

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Speaker 3: They see that as consequential, really consequential for your story

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Speaker 3: longer term. So the Gravity suv is production on track?

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Speaker 3: What is the timeframe? What is demand looking like?

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Speaker 4: It is schedule four started production late this year.

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Speaker 5: We're seeing an incredible late demand because this is an

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Speaker 5: unprecedented product. It has a range of attributes which really

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Speaker 5: have no right to coexist. It has the driving dynamics

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Speaker 5: superior to a Lamborghini Urus. It has the present stance

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Speaker 5: of a range rover, It has more interior space than

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Speaker 5: an Escalade, and yet it is only a slightly small

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Speaker 5: lot on the outside than our Lucid Air. It's a

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Speaker 5: seven seat, three row suv. This is what the market

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Speaker 5: has been waiting for.

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Speaker 3: Okay, that's a very good sales pitch there, Peter, talk

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Speaker 3: to us about the margin story, the profitability.

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Speaker 1: Then at what point can you start to.

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Speaker 3: Raise prices for your vehicles and start to push margins

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Speaker 3: out of negative territory.

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Speaker 5: Well, we're able to bring a successively more attainable products

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Speaker 5: to market where our range now starts at just sixty

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Speaker 5: nine nine hundred dollars, and we're able to do that

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Speaker 5: because we've got the most advanced technology in the world.

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Speaker 5: Let me explain, we're able to go further with less

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Speaker 5: battery energy than anyone else.

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Speaker 4: I recently announced that we hit the magic five miles

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Speaker 4: per kilowatt hour.

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Speaker 5: Landmark, and we're going to reveal a product which achieves

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Speaker 5: that very soon. We're actually at four point seven four

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Speaker 5: miles per kill a lot hour here today with our

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Speaker 5: pure electric vehicle. Now, that pure variant has a range

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Speaker 5: of four hundred and nineteen miles, more range than anyone

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Speaker 5: else in the marketplace, but it does it with just

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Speaker 5: an eighty eight killer our battery pack, and that makes

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Speaker 5: it the most sustainable vehicle on the market today. Any

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Speaker 5: journey you take, that car uses less electricity to go

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Speaker 5: from A to B than.

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Speaker 4: Anything else in the world today.

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Speaker 1: That's on the mass market, okay.

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Speaker 5: And that means we can have less minerals, less dependence

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Speaker 5: upon mines around the world, less dependence upon sources of lithium, nickel, cobalt.

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Speaker 4: And this is what the world needs.

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Speaker 5: More efficient, more energy efficient, and more high tech evs

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Speaker 5: and Lucid is leading the way in this respect.

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Speaker 3: Okay, five miles per killer? What ours you say? A

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Speaker 3: magic numbers? You allow Martin number as you've described it.

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Speaker 3: You are, of course backed by Arabia, the Public Investment

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Speaker 3: Fund of Saudia to the tune of about six point.

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Speaker 1: Four billion US dollars. Is it fair to assume.

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Speaker 3: That you're going to need to raise a similar amount

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Speaker 3: around six billion dollar level to push forward into the future.

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Speaker 3: Is that about an appropriate number to be thinking about

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Speaker 3: in terms of future funding.

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Speaker 5: We haven't guided on the actual quantum, but let me

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Speaker 5: tell you this is a capital invents intensive business and

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Speaker 5: we do need to raise more money and we will

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Speaker 5: at opportune moments in time on the future. Our vision

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Speaker 5: is to be a major player here or the SUV

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Speaker 5: this year. And we've got the mid sized platform coming

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Speaker 5: late twenty six and that's going to be a high

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Speaker 5: volume vehicle mass produced both in the US and in

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Speaker 5: Saudi Arabia.

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Speaker 3: And you've talked about being in this for the long

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Speaker 3: run with the PIF with Saudi Arabia. Is there a

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Speaker 3: line that they draw somewhere, Peter, where they say, Okay.

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Speaker 1: This is enough.

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Speaker 5: Look, they're the perfect long term partners. We share a

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Speaker 5: long term vision and we mutually incentivize for six They

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Speaker 5: want this as much as I do.

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Speaker 1: Watch this space.

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Speaker 5: They're in for the long term, and this transcends a

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Speaker 5: mere financial investment. We are a cornerstone of them realizing

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Speaker 5: their bold vision twenty thirty where they transitioned their quintessential

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Speaker 5: fossil fuel economy to an environmentally sustainable economy.

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Speaker 3: Okay, when you say watch this space, I something's going

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Speaker 3: off from my mind suggesting that maybe they're going to

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Speaker 3: come through with another check soon from the saudiast for

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Speaker 3: the business.

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Speaker 1: Talk to me about talk to me.

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Speaker 3: About the deal you did with Aston Martin, because it's interesting.

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Speaker 3: So you've licensed some of your technology to asked in

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Speaker 3: Martin talk to talks about the consequences they have delayed

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Speaker 3: their evs. Does that have an impact on that deal?

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Speaker 3: Does that have an impact on LOCID?

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Speaker 4: Very mildly, but the deal is very strong.

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Speaker 5: It secures them high tech electric technology for the next decade.

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Speaker 5: We're supplying them with modules for the battery pack, wonder

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Speaker 5: box charging, two way charging technology, and our Sapphire drive units.

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Speaker 5: These are the world's finest drive units and it's appropriate

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Speaker 5: that as to not get the really top end stuff

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Speaker 5: from our range, the hypercar high performance. If you look

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Speaker 5: at the future, though, it gets a lot more exciting.

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Speaker 1: Were you disappointed if they delayed their EV.

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Speaker 5: Well, absolutely, Any delay in any EV is less than ideal.

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Speaker 5: But it's going to come and we have secured their

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Speaker 5: electric hypercar future for the next decade.

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Speaker 1: Is that a template for other licenses?

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Speaker 5: I hope it is, and it's actually initiated a lot

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Speaker 5: more interest.

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Speaker 4: We are in discussions with others.

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Speaker 5: And when it gets really exciting is you look at

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Speaker 5: the technology that we're developing now from a mid sized

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Speaker 5: platform for late twenty six that really suits mess market,

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Speaker 5: family car and applications.

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Speaker 1: That's why we're in this.

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Speaker 5: We're not here to be a niche player, loose it

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Speaker 5: here to bring down the cost of electric vehicle for

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Speaker 5: the benefit of all and be a major player.

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Speaker 3: And Rivian doing an interesting deal with Volkswagen in investment

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Speaker 3: from VW into Rivian in exchange for some technology. Is

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Speaker 3: that something you would consider that kind of partnership, that

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Speaker 3: kind of deal.

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Speaker 5: I'm always interested in partnerships which involve our technology.

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Speaker 3: Okay, we talked about the gravity the SUV coming online.

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Speaker 3: You talk about production the end of this year, deliveries

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Speaker 3: next year. Then what about manufacturing in Saudi Arabia. That's

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Speaker 3: part of a process outside of Jeddi. You're putting the

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Speaker 3: car together there. But in terms of full term manufacturing

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Speaker 3: in Saudi Arabia does that when does that come online?

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Speaker 3: And what is the challenge in Saudi Arabia is the

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Speaker 3: challenge around talent.

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Speaker 5: There's always a challenge around talent because as a company,

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Speaker 5: we're only as good as the brain pawer that we

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Speaker 5: can attract. That you know, no company in its own

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Speaker 5: right has experienced. It's only the brilliance of the employees

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Speaker 5: that represent the capability of a company. But we already

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Speaker 5: have the very first car plant operating in Saudi Arabia

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Speaker 5: right this moment. It is running, and that is a

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Speaker 5: kit assembly plant on a very modest scale. We are

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Speaker 5: actually laying the foundations for our major plant which will

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Speaker 5: be scaled for one hundred and fifty thousand unit capacity

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Speaker 5: per annum as we speak, and that is scheduled to

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Speaker 5: be ready for production late twenty six, where we'll put

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Speaker 5: our mid sized vehicle into that plant.

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Speaker 1: Okay, Peter Rolinson, thank you very much.

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Speaker 3: In the CTEO and CEO of lucid On not wanting

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Speaker 3: to be a niche brand within EVS and hitting that

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Speaker 3: five mile per kilowatts in terms of the rage for

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Speaker 3: their vehicles looking head

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Speaker 1: Of course to the SUV as well the gravity