Introducing RangeXchange, an Innovative New Feature Enabling the Lucid Air to Directly Charge Other Electric Vehicles

Rhea-AI Summary

Lucid Group, Inc. (NASDAQ: LCID) introduces RangeXchange, a vehicle-to-vehicle (V2V) adapter that allows Lucid Air owners to charge other electric vehicles. This innovative feature adds 24 to 40 miles of range per hour and is made possible by Lucid's bi-directional charging technology and proprietary software. The new adapter will be available for purchase in the U.S. and requires a separate charging cable adapter. The OTA software update is needed to enable this feature.

• RangeXchange enables a Lucid Air to charge another electric vehicle (EV) adding between 24 to 40 miles of range per hour.¹
• To enable RangeXchange, Lucid owners simply attach the new Lucid RangeXchange charging adapter to the charging cable and plug directly into the receiving car.² This requires the latest over-the-air (OTA) update.
• Lucid's groundbreaking bi-directional Wunderbox, combined with its proprietary software, enables this revolutionary capability for all Lucid vehicles.   
• RangeXchange is the latest example of impactful new features that are made possible by Lucid's deeply integrated hardware and software technology.

NEWARK, Calif., Nov. 9, 2023 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), setting new standards for luxury electric experience with the Lucid Air, winner of the 2023 World Luxury Car Award, today announced the introduction of RangeXchange: an innovative new vehicle-to-vehicle (V2V) adapter, available for purchase first for U.S. customers, that will enable Lucid Air owners to directly charge other electric vehicles. This new capability is enabled by Lucid's bi-directional charging technology and proprietary software, all of which is already built into every Lucid Air.

"I'm delighted that Lucid continues to innovate, enabled by our integrated fusion of software and hardware," said Peter Rawlinson, CEO and CTO of Lucid. "RangeXchange is a small step to further enhance the everyday usability of the electric vehicle."

RangeXchange is Lucid's first application of the Wunderbox's bi-directional charging technology. RangeXchange allows energy to flow from the Lucid Air's battery pack to charge another EV at a rate of up to 9.6 kW. The amount of range this adds depends on the other vehicle's energy efficiency as well as typical environmental factors. For most EVs currently on the market in the U.S., a charge rate of 9.6 kW will add 24 to 40 miles per hour.  

"Designed and engineered in-house by Lucid, the Wunderbox is far more than just a piece of hardware that charges the battery pack," said Eric Bach, Senior Vice President of Product and Chief Engineer at Lucid. "From giving other EVs a boost with RangeXchange today, to possible future applications like vehicle-to-home backup power, time-of-use (TOU) optimization, and vehicle-to-grid (V2G) power, Lucid's proprietary bi-directional charging technology has the potential to greatly improve our customers' lives."

"RangeXchange is yet another example of the tremendous value we can provide with an over-the-air software update long after a customer purchases our car," said Mike Bell, Senior Vice President of Digital at Lucid. "This system's approach to the integration of hardware and software is what allows us to provide these value-add updates and is what sets Lucid apart in the auto industry."

The RangeXchange feature will first be offered to U.S. owners. It will require separate purchase of a RangeXchange charging cable adapter available exclusively from Lucid later this month and will be enabled by an OTA software update.

About Lucid Group
Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company's first car, the Air, is a state-of-the-art luxury sedan with a California-inspired design. Lucid Air Grand Touring features an official EPA estimated 516 miles of range. Assembled at Lucid's factories in Casa Grande, Arizona, and King Abdullah Economic City (KAEC), Saudi Arabia, deliveries of Lucid Air are currently underway to customers in the U.S., Canada, Europe, and the Middle East.

Media Contacts
media@lucidmotors.com

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.

Forward-Looking Statements
This communication, including content from any link contained herein, 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 plans and expectations with respect to Lucid RangeXchange, including timing of availability and the feature's capabilities, plans and expectations regarding the Wunderbox bi-directional charging system and potential future applications, Lucid's software, plans and expectations regarding Lucid's systems approach to the design of the vehicle, and the promise of Lucid's technology. 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 heading "Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, as well as 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.

¹ Lucid RangeXchange charging cable adapter is required. Based on American Council for an Energy-Efficient Economy estimated average EV efficiency of 3.4 miles per kilowatt hour.
² Lucid RangeXchange charging cable adapter will be offered for purchase through LucidMotors.com.

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SOURCE Lucid Group

FAQ

What is RangeXchange and how does it work for Lucid Air owners?

RangeXchange is a V2V adapter that allows Lucid Air owners to charge other electric vehicles, adding 24 to 40 miles of range per hour. This is made possible by Lucid's bi-directional charging technology and proprietary software. Owners need to attach the new Lucid RangeXchange charging adapter to the charging cable and plug directly into the receiving car, requiring the latest OTA update.

What is the charging rate for RangeXchange?

RangeXchange allows energy to flow from the Lucid Air's battery pack to charge another EV at a rate of up to 9.6 kW, adding 24 to 40 miles per hour for most EVs currently on the market in the U.S.

Where will RangeXchange be available for purchase?

RangeXchange will be available for purchase in the U.S. and will require a separate purchase of a RangeXchange charging cable adapter available exclusively from Lucid.

What is needed to enable RangeXchange?

RangeXchange will be enabled by an OTA software update, and Lucid Air owners need to attach the new Lucid RangeXchange charging adapter to the charging cable and plug directly into the receiving car.