Lucid Group Announces Key Appointments to Lead Finance Team; Signals readiness for growth in 2022

Additions of Gagan Dhingra, Vice President of Accounting and Senior Accountant, and Mustally Hussain, Managing Director, Global Treasurer and Chief Financial Officer, strengthen Lucid’s finance arm as a fast growing public company

NEWARK, Calif., 23 December 2021 / PRNewswire / – The Lucid Group (NASDAQ: LCID), which sets new standards with its advanced luxury electric vehicles (EVs), today announced the appointment of Gagan Dhingra as Vice President of Accounting and Senior Accounting Officer, and Mustally Hussain as Managing Director, Global Treasurer and Chief Financial Officer. Together, they bring decades of strategic leadership experience in building accounting and finance functions within various multinational organizations.

Lucid Group (NASDAQ: LCID) today announced the appointment of Gagan Dhingra as Vice President of Accounting and Senior Accountant, and Mustally Hussain as Managing Director, Global Treasurer and Chief Financial Officer.

“I am delighted to welcome Gagan and Mustally to Lucid as we embark on another year of unprecedented growth for the company,” said Sherry House, CFO, Lucid Group. “With their leadership and deep expertise, we will be able to develop and maintain a critical infrastructure within Lucid that will best serve our stakeholders in the context of global business expansion and demand. growing for its products. “

Mr. Dhingra will be responsible for leading the accounting, tax and internal control functions, reporting to Ms. House. He brings with him over 20 years of experience in accounting and finance. Most recently, he served as Chief Accounting Officer at Anaplan, an enterprise software company where he was responsible for accounting, tax, treasury, inventory administration and procurement functions. Prior to Anaplan, Gagan held various leadership roles with increased responsibilities in global organizations including Seagate, McKesson, and Ernst & Young.

Mr. Hussain, also reporting to the CFO, will provide strategic leadership to treasury, risk management and financial services functions. He will be responsible for capital markets activities, banking relationships, global treasury management, financial risk management, global insurance and financial services. including customer loans and leases. In addition, he will focus on working capital management and help ensure continuous improvement in balance sheet and cash flow with the responsibility of optimizing the capital structure of the company. Most recently, he served as Vice President and Treasurer at Herc Holdings Inc. and held senior positions at Hyundai Capital America and National Grid.

About the Lucid group
Lucid’s mission is to inspire the adoption of sustainable energy by creating cutting-edge technologies and the most captivating luxury electric vehicles centered on the human experience. The company’s first car, Lucid Air, is a state-of-the-art luxury sedan with a California-Inspired design that includes a luxurious full-size interior space in a mid-size exterior imprint. Backed by race-proven battery technology and exclusive powertrains developed entirely in-house, Lucid Air was named 2022 MotorTrend® Car of the Year. The Lucid Air Dream Edition has a range estimated by the official EPA at 520 miles or 1,111 horsepower. Deliveries to customers of Lucid Air, which is produced in Lucid’s new plant in Casa Grande, Arizona, are in class.

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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 can be identified by the use of words such as “estimate”, “” plan ”,“ plan ”,“ foresee ”,“ intend to ”,“ want ”,“ expect ”,“ anticipate ”,“ believe ”,“ seek ”,“ target ”,“ continue ”, “Could”, “may,” “could”, “possible”, “potential”, “predict” or other similar expressions which predict or indicate future events or trends or which are not statements of historical fact. These forward-looking statements include, without limitation, statements regarding the Company’s expectations regarding the production and deliveries of Lucid Air and Lucid Gravity, the performance, scope and other characteristics of Lucid Air, construction and operation. expansion of the AMP manufacturing plant -1 of the company, the promise of the company’s technology and the company’s ability to develop, maintain and improve critical processes and infrastructure. These statements are based on various assumptions, and actual events and circumstances may differ. Forward-looking statements are subject to a number of risks and uncertainties, including factors discussed in the Company’s Quarterly Report on Form 10-Q for the quarter ended. September 30, 2021 under “Risk Factors”, as well as other Company documents which are filed or will be filed with the Securities and Exchange Commission. If any of these risks materialize or if the Company’s assumptions prove to be inaccurate, actual results could differ materially from the results suggested by these forward-looking statements. There may be additional risks that the Company is not currently aware of or that the Company currently believes to be immaterial, which could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts regarding future events and views as of the date of such communication. However, although the Company may choose to update these forward-looking statements at some time in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be taken as representing the valuations of the Company as of a date subsequent to the date of this communication.



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