Welcome to the Lucid Motors Investor Call. I will now hand the call over to Michael Anderson at Blueshirt.
Good afternoon, and welcome to the Lucid Motors Investor Conference Call. This is Mike Anderson of The Blueshirt Group. Joining me today are Peter Rawlinson, the Chief Executive Officer and Chief Technology Officer of Lucid Motors and Sherry House, the Chief Financial Officer of Lucid Motors. Today's call will begin with Peter and Sherry providing several business updates followed by a company overview. There will be no Q and A.
Today's call relates to proposed business combination between Lucid Motors and Churchill Capital IV and a related pipe Which we refer to as the proposed transactions. For additional information about the proposed transactions, we refer you to the investor presentation included in Churchill's Form 425 furnished today as well as Churchill's Form S-four filed with the SEC. The information discussed during this Call may contain forward looking statements, which include any statements that are not statements of historical fact and may include, but are not limited to, Lucid's Expectations regarding the start and ramp of production of Lucid Air, Lucid's projected financial and operating information, The expected features, performance and range of Lucid Air, expectations regarding Lucid's market opportunity, competitive position and industry outlook And the timing and completion of the proposed transactions. Forward looking statements are subject to numerous risks, uncertainties and other factors that could cause actual results to be different from And we refer you to the cautionary language included in the investor presentation and the sections entitled Cautionary Note Regarding Forward Looking Statements And risk factors in Churchill's Form S-four as well as other documents filed by Churchill or to be filed with the SEC by Churchill For a fuller discussion of such risks, uncertainties and other factors.
Forward looking statements made during today's call speak only as of the time they are made, And we are under no obligation and expressly disclaim any obligation to update, alter or otherwise revise any forward looking statements, Whether as a result of new information, future events or otherwise, except as required by law, you are cautioned not to place undue reliance on these forward looking statements. In today's remarks, we may also refer to certain projected non GAAP financial measures. We refer you to the investor presentation for definitions, Reconciliations and a discussion of limitations of these non GAAP financial measures. I'm now very pleased to turn the call Peter Rollinson, the Chief Executive Officer and Chief Technology Officer of Lucid Motors.
Thank you so much, Michael. And ladies and gentlemen, good afternoon. I'm Peter Rawlinson. I'm the CEO and CTO of Lucid Motors. And I'd like to extend a warm welcome to you all wherever you're tuning in from.
Now I've been with the company for just over 8 years now. I joined a very small operation, but one with a very clear mission, and that is to create The very best electric car in the world and in so doing really to accelerate MannKind's transition Towards sustainable mobility. I'm a career engineer, having served with Tesla, Jaguar and Lotus in the past. And really engineering excellence and product excellence is what drives me and it's my passion. I'm accompanied today by Sherri Haas, our CFO.
Sherri?
Thank you very much, Peter, and hello, everyone. I joined Lucid in May and I am truly excited to be here at such an important point of the company's journey. I bring to Lucid over a decade of automotive I hail most recently from Waymo, where I held several executive positions, including Corporate Development As well as Treasurer and Head of Investor Relations. I also spent over 10 years in the Capital Markets, where I served as an investor and investment banker and a Financial Operating Executive. And I'm delighted to be leveraging these experiences into my role here at Lucid, which entails overseeing the financials and also spearheading the corporate development and business development agenda of the company.
Thank you very much.
Thank you, Sherry. And again, welcome on board. Though it has been a few busy months with you already. First, as some background and possibly a reminder for the audience, Lucid and Churchill Capital Corp. 4 are in the process of finalizing the announced merger, Whereby Lucid expects to become a public company and receive approximately $4,400,000,000 in cash From the transaction after all of the expenses are paid.
And of course, that assumes there are minimal redemptions from the Churchill shareholders. And we are very excited about this enabling step in realizing the company's vision. The Churchill vote is scheduled for July 22, 2021, just around the corner really. And we're very much looking forward to that final step before the anticipated start of trading of Lucid's stock On the NASDAQ exchange under the ticker LCID. Now with that in mind, we would encourage you to please vote By submitting your proxy as soon as possible, after carefully reviewing Churchill's proxy statement and prospectus And it's annexes filed with the SEC.
So let's dive into things, shall we? So I'd like to really start by providing a few updates on the commercial, technical and manufacturing side. And then we'll hand to Sherry to speak to a few recent updates as well. First, on the Lucid Air reservations front, we continue to make great progress With reservations now surpassing 10,000 and growing daily. And as you may already know, the Lucid Air Dream Edition It's already fully reserved.
On the personnel front, we've grown to a company of approximately 2,300 employees, But we're doing that very selectively. Those who know me, although we say this is not a numbers game, it's the critical mass of intellect That we can attract to this endeavor, to this mission. That is the true metric, not the number of employees. So we keep the bar high. And I think the very fact we can attract someone with the caliber of Sherry House is a true litmus The direction that we're heading, there are 3 key activities which really drive us, which are our focus now As product, factory and sales and service.
On the product side, the key update The testing and validation of Lucid Air is progressing well, and it's on track for the second half of twenty twenty one Start of production for customer deliveries. I regularly drive the cars. They're coming on really nicely. I'm really proud of what the team is achieving in terms of the product. It's truly outstanding.
We're in the late stages of our crash testing program and are currently in the midst of our EPA range testing. We're also very cognizant that the car is truly a fusion of software and hardware. And a huge part of the ownership The experience will be the HMI or the human machine interface. Now Lucid's approach to human machine interface Isn't just about new features, nor is it just about technology. It's also about humanity.
We were delighted to reveal our UX to the world on May 26 and would encourage you to check out the release video online. Then on the factory side, we successfully completed our preproduction in June as scheduled with 89 Lucid Airs built as part of that process. We've accrued meaningful learning through that build cycle and applying those in our quality validation production run, which is ongoing at our AMP 1 manufacturing facility in Arizona. Our manufacturing facility is ready for the second half Of 2021's start of production for customer deliveries, which will commence once the product quality is at the exceptional level That we feel our customers rightly deserve. Then I'd like to move on to another key activity, a third of our key activity, Last but not least, and a fact, of course, is sales and service.
With the recent opening of Lucid Studios in Illinois and New York, We are now up to 8 locations across the country and expect to open more in the coming months in the U. S. And Canada. We anticipate more than 20 retail and service locations open by the end of the year. If you haven't been to a location yet, I really hope that you do have the chance to do so as the locations truly capture The essence of our brand and experience.
But of course, Lucid is much more than just our automotive business, And we are also progressing our energy storage business. And I had promised that the next baby step to develop this would be to put a solar farm on the roof of our headquarters, albeit a modest one and hooked that up with our energy storage alpha prototype in the building. I'm delighted to say that this activity is on track with testing ongoing. We're planning a beta prototype to install At our vehicle manufacturing facility in Casa Grande, and now that's the next step. But again, our Energy Storage System business roadmap is on track.
I'd now like to hand over to Sherry to provide a few key updates. Sherry?
Thank you, Peter. Yes, very exciting times for us indeed with lots of continued progress. On that note, I'm pleased to provide a few updates regarding our business plan. We recently disclosed these updates via our press release, but thought it would be worthwhile to cover during today's call as well. First, We plan to accelerate approximately $350,000,000 of planned CapEx investment from future periods into 2021 to 2023 and to otherwise enhance manufacturing capabilities by expanding overall CapEx investments by 6% to 7% during 2021 through 2026.
These investments will be funded in part by the capital raised upon the closing of the business combination with CCIB, inclusive of the pipe. And these investments will enable us to accelerate additional manufacturing capacity for Lucid Air to capitalize on expected demand and implement a dedicated Lucid Gravity general Assembly Line. We plan to combine the next two phases of the Arizona facility expansion into one expedited phase and provide 2,700,000 square feet of additional manufacturing space by 2023, enabling increased Lucid Air capacity to up to approximately 53,000 vehicles per year. Such changes are expected to improve production flexibility between the Lucid Air and the Lucid Gravity as well as for specific vehicle Next, we expect these investments to enhance gravity design and performance As well as enable us to vertically integrate certain functions, for example, stamping and battery enclosures via accretive In house investments providing benefits such as higher quality and lower costs. We also recently announced that we Expect to launch Lucid Gravity at the end of our projected second half of twenty twenty three time line and intend to have increased Production of Lucid Air in 2023 2024.
We expect total vehicle volumes to be unchanged for 2023 2024. Lastly, we continue to expect our existing cash resources following the business combination We'll fund our planned operations at least through 2022. With those updates in mind, I'd like to reiterate my excitement for the road ahead as we work towards customer deliveries of the Lucid Air and the scaling of the business. Back to you, Peter, to take us through the company overview portion of today's call.
Thank you, Sherry. Well, I hope that those updates have been useful for the audience, particularly those that are already familiar with the company. For those that are not, you may also find the remaining portion of today's call, our company overview, Interesting as well. And with that, let's dive straight into it. Our mission at Lucid really is to inspire and accelerate the adoption Of sustainable transportation.
I believe that we have an impending global warming crisis on our hands, and this needs to be addressed urgently By the widespread adoption and acceleration of electric vehicles, sustainably powered vehicles And the key enabler for that is technology. And that's what Lucid is bringing. It's doing this through ultra high technology, World leading technology. We have the 1st passenger electric vehicle that we expect will do over 500 miles On a single charge, and I mean that on an EPA cycle basis. We expect to be the first to 500 On an EPA cycle enabled by our industry leading powertrain efficiency, that's a new hashtag, 1st to 500.
We believe that this is the new gold standard for EVs and that Lucid will be there 1st and foremost. I think we've got amazing technology and I think that's becoming better understood. And it will only really come to bear when we get Rooted Air into production. I just can't wait for the world to see just how potent our tech is. Turning to the team for a moment.
We have a management team comprised of experts that have been here and done this before, Many of whom have worked with me even before Lucid. And now we augmented that team with great talent, Particularly on the software side with former Apple executives leading the software, bringing a wealth of expertise and experience From many iterations of products like the iPhone, because this car truly is a fusion of art and science And of software and hardware. But of course, we're not just creating a car. We're actually creating a new brand. On all the amazing technology that we've created here at Lucid, our market positioning is going to be a big component of our future success.
We really intend to be the world's premier EV luxury brand. And of course, that starts with our position. If you look at the luxury market, you see a big shift happening. It's a shift in values and it's really been driven by savvy consumers. Our traditional luxury was represented by status, opulence and a real sense of physical materialism, And that was the expression of success.
That was the aspiration. We see Lucid shifting more to what we call post luxury, Which is a bigger push towards refinement, a future facing technology oriented products. And above all else, it has a sustainable technology element And a sustainable message. That is the new expression of aspiration. When we think about the positioning for Lucid, Everybody asks the same question.
Yes, but isn't this Tesla's position? Well, Certainly, Tesla opened the door to electrification, and they deserve a world of credit for that. But we don't see that brand as Pushing the luxury position. I mean, conversely, we see the traditional luxury brands, which we tend to focus on the big 3 German automakers, Still very much in the established traditional luxury position with their traditional brand values. We do not see their announced EV products as being executed in a post luxury position.
And that leaves the opportunity for Lucid to really focus on being the world's premier all EV Luxury Brand. Our brand is based on a balance between what we call heart and mind, and we really derive From our California origin. On the heart side, it's all about the emotion, the identity, the human components of the brand. And we have to embody that into the design of the vehicle, into the materials, the digital experience, the overarching customer experience. Well, on the mine side, it's all about the amazing technology, the incredible metrics that we're setting And this endless pursuit of perfection and refinement.
And it's the balance of those 2 roles That we think will make for an amazing luxury brand going forward and will allow us to connect With those very, very savvy consumers and the product is the essential foundation for the brand. I believe that product defines brands more than brand defines product. And so our first product simply has to be best. That is the objective, Pure and simple. It will define Lucid as a brand, and it's truly a fusion of art and science And really exploring the limits of what's possible from electrification, exploring the limits of what's possible with today's technology.
And we're getting that car down to a starting point of just $77,400 Less than that after the expected federal tax incentive with AirPure. Now we're starting with the Dream Edition With landmark range and performance figures. I've mentioned before that there's this lucid innovation that we call the space concept. And this is really quite an experiential thing. And what we've done is we've made a car which is more compact and agile And actually more practical to use in a mega city, yet it has equal, if not more space, the larger combustion engine vehicles.
I mean, I've driven this thing around Manhattan a couple of times now and it's eminently more usable than other cars than you would expect in that class. We've really redefined how an electric vehicle can look. We've defined a new design language And proportions for an EV. And how have we done that? Well, we've taken a big picture look of miniaturizing the powertrain, Teasing out in the 3 d puzzle that is the design, more space for the occupants, More luxury, more comfort to a degree that we can offer the aircraft inspired seat package, which will introduce to the market in the future.
We plan to bring that in, in the next few years. And this will be fantastic for the China market in particular, we believe. We're launching this year with a traditional bench seat, but it's got extraordinary leg room for the size of the vehicle and as a direct consequence And upfront, we have a different ambiance, a different color tone Because this is like the cockpit of an executive jet as it were. And this is capped off by the glass cockpit, a beguiling array of instrumentation, canopy glass That give a really airy feel to the cabin. And as you've probably seen from the pictures and videos, we've got our in house HMI, really a fusion of graphic art from Derek Jenkins' team with the former Apple executives leading the development This intuitive flow of the icons and the flow of the motion of one's arm, which is so important for HMI.
And let's not forget about the all important aerodynamic nature of Lucid Air. We've achieved a coefficient of drag And it's interesting actually to note Mercedes has taken the challenge And they got a 0.20 recently with the EQS. But I have to say the best measure Of any car's aerodynamic performance is the product of the drag coefficient and the frontal area Because that product is directly proportional to the horizontal force experienced by the car And the Mercedes EQS actually has a larger frontal area than the Lucid Air. And because of the space concept, We've got a much smaller car and less drag, which is really important to get the most range, which brings us back to efficiency. I see efficiency as a measure of the prowess of an EV company.
Tesla is far ahead from all other current competition With approximately 4 miles per kilowatt hour, this is why Tesla commands the market cap that it does. That's why the other companies aren't $600,000,000,000 companies. There it is, The single metric. Where are you? Where are you as an EV company?
What promise do you have? It's efficiency. How many miles per kilowatt hour? And Lucid is ahead of Tesla, and we have a road map. I really value this metric.
And remember, The goalposts are always moving and Lucid will move as well. And while far at the helm of this company, we will always push the envelope To keep on improving. Furthermore, we are able to combine range with performance, which is really rare. What other company offers such high range, acceleration and top speed currently? Some of you may already know, we'll launch with the Dream Edition and follow that up with the Grand Touring, the Touring And the Pure, each at respectively lower price points.
But each version is incredible nonetheless. Every model is powered by Lucid Parrotron Technology, race proven technology. We developed the battery technology for all the cars in the World Championship EV Series. All 24 cars on the grid From illustrious names, from vehicle powerhouses, actually used Lucid battery packs, which have been developed, Designed and manufactured at our head office here in Silicon Valley. All of the Lucid Air trims from Dream Edition to Pure are also underpinned by our LEAP platform, Which integrates our Powertrain technology as a system.
This all aluminum platform, which we developed as a skateboard, is super high-tech And uniquely embodies and enables the space concept. It's the whole construct that the whole is greater than the sum of the parts. This is the big vision, and this will serve as a platform for not just air, but for gravity and potentially other vehicles in the future. And so to Project Gravity, which we unveiled to the world in a rather early form back in September and is progressing well. We've got a small team working on this.
I would say that most of the focus of the company is on Lucid Air right now. We have some working on gravity, moving along like planting the acorn for the mighty oak to grow from, and that's really important. This isn't a distraction. This isn't the loss of focus for Aer start of production, but it's absolutely necessary that we play this game of chess And plan ahead getting this car into Casa Grande. And then beyond gravity, as you know, I have to be a little more circumspect here.
We have other planned vehicles, and they're all going to be amazing. They're all going to be driven by Lucid's Certainly relentless quest to be the best company in terms of e technology, bar none. And we're going to make cars progressively more affordable, progressively higher volume and progressively have more impact upon the market. But as I said, it's not just about cars. We plan for the Lucid Group of Companies.
That's my vision for Lucid, The Lucid Group, the Lucid Cars or Automotive, Lucid Energy Storage and the Lucid Technology Division. Our energy storage system testing is coming along nicely. As I mentioned, we've got the alpha prototype hooked up With a solar tiering headquarters and as a tech supplier, the first great example is the work we're doing in the world of international motorsport. We've actually received serious inquiries from multiple traditional car companies to access our technology. But many will know that I'm Quite passionate about EVTOL aircraft, and that's a great application for our tech, super energy dense, Super power dense metrically.
That is what these eVTOL aircraft need. And beyond that, there's marine, agricultural, Heavy industrial machinery application for our technologies above and beyond us being a supplier to the traditional automakers. And with that, I'd like to go a little bit deeper into our technology for a few minutes. I've referenced the technology quite a lot here. I'm talking about the core technology of the EV powertrain and the sort of 5 discrete elements here: the battery pack, Motor, transmission, inverter and bidirectional charging, that's our Wonderbox technology and of course, The all important software.
And I really can't emphasize enough, this is done 100% in house, all of it. Sure. We buy magnets in. We don't make the magnets. Yes, we buy battery cells in.
We don't make the cells in house. But our PAC expertise goes back over a decade. It's world renowned. Our motor and transmission expertise is now delivering, together with the inverter, 9 horsepower per kilogram. No one else is even close.
And it's doing it with incredible efficiency of over 900 volts. The modern electric cars are going to be ultra high voltage. I mean Porsche really set the tone with an 800 volt car. We're going now to over 900 volts. Modern EVs will have to go ultra high voltage.
If you stop at 400 volts, That is not a good place to be in terms of playing the chess game for the next decade. And our bidirectional charging is really important Because that brings out a whole new dimension for the car. It means that the car can be used as a storage system, A repository of energy to balance the grid, to enable peak shaving at a business level, commercial level, Help pay for the car, reduce energy costs. We're going to do a peak shaving exercise in this building, our headquarters, Let's plan within the next year. And we have cutting edge software expertise, particularly in our BMS system.
I'd point to that in particular, a battery management system, because this contains the health monitoring algorithms, Which really get the best out of the battery, but also ensure longevity and a good and healthy life for that pack And therefore, enhance even the residual value of the car. And just moving through to our work on the battery As you may already know, we've been powering the World Championship Electric Car Series. Although that battery powers those cars At 878 volts, the technology is being transferred to our 924 volt road car. The learning that has been transferred is profound. The core technology of our low impedance, Low heat loss, high efficient battery tech has been embodied into our road car.
And it is absolutely true to say that every customer that drives the Liz Air will be doing so knowing that they've got race proven Battery technology under their feet quite literally, it is true. And I mean, I've worked in engineering 30, 40 years now, And it's kind of a well worn adage that race car technology finds its way into road cars. Well, Until we did this, I couldn't cite a single example of this phenomenon in my entire career. And this is an incredible example Of race car technology improving a road car. And I think that the team here is hugely proud of that achievement.
And I'd just like to point to our drive unit, which I mentioned boasts 9 horsepower per kilogram metric. It's way ahead of the leading competition from both the U. S. And Germany. In fact, the closest competitor is about 3.2 horsepower per kilogram to the best of my knowledge.
And then on to our Wonderbox. Our Wonderbox technology is unique This is a two way charging system and we'll have that functionality enabled for customers via OTA in the future. It's got a 400 volt bus on it, so it can run state of the art air conditioning pumps at 400 volts, Whilst the rest of the car is at over 900 volts, we've got a 19.2 kilowatts of Stage 2 Charging at Home. And it also acts as a conduit for 300 kilowatt DC plus charging capabilities. Now this is unprecedented, 300 kilowatts.
This is what it enables. The WonderVox enables nearly 300 miles fast charging on DC in just 20 minutes, And no one else is even close to this. We've actually run it with Electrify America at very close to 3 50 kilowatts. Well, we're going to limit it to 300 for battery life in production. And the bidirectionality This will enable homes to be well off the car for grids to experience less strain, to have more robustness and peak shaving for business.
There are multiple advantages of this. This is an energy storage system. You can even charge another car to run out of electricity from your Lucid Air. And you could actually do some body breathing as if it were to charge another car with a flat battery. Then moving on to our user experience again.
This is a seamless experience, and I'd really encourage everyone to watch The user experience unveiling video that we released on May 26. Super delighted to have partners Such as Amazon Alexa and Dolby Atmos among others. And this is the next generation. Even the headlights Of Lucid Air, a groundbreaking technology unbelievably. We built a team of lighting optical mathematicians To compute a completely new paradigm for lighting, which is a multi lens array, Our car headlamps are inspired by insect eyes.
So rather than by Human eyes like a traditional car with 2 lenses. This is inspired by the eyes of a fly. We have thousands of micro lenses here, incredibly efficient, most homogeneous, brightest array on the market. When it hits the market, there'll be nothing as good as this and even got digital scribbling. So it can actually steer the light linked to the steering wheel's position, but it does this without any moving parts.
It's a digital steering system. This is state of the art. There's nothing else quite like it. And it's 100% in house, Heavily patented and it's also super efficient. So it actually helps with the range of the car as well.
So if we look at the bigger picture, I believe that the R and D leadership is our key differentiator. Innovation is at our very core. The number of patents that we have and the value of those patents, they're not done patents. These are profound patents. We're also at the forefront of vehicle design.
And this is really, as I say, is a fusion. It's a fusion of art and science And of Software and Hardware. But what might surprise many of you is the bigger vision of cruelly mass industrializing Electrification. And this is something which is so missed in the landscape that this myopia about, say, The cost of manufacturing cells. But who today really speaks of the cost of integrating those cells into a battery pack?
That cohesive architectural step of making that pack truly mass producible. Our battery module is a great example. We designed an injection molding, a single plant. It's a single shot injection molding that we've developed. This is like a Lego brick, which can be mass, mass industrialized.
It's reproducible. It's ultra high quality, and it can be made by the zillions. And this is what it's about. Lucid is not just about making An expensive car for wealthy people in low numbers. My vision is to design for true mass production Because that's what the world needs right now.
But of course, we're nothing without successfully launching the Lucid Air. And for that, we also need a go to market strategy. As mentioned earlier, we have over 10,000 preorders And that spans across all 4 of our trim levels from Pure, Touring, Grand Touring and Dream Edition. That's largely been driven by our online experience, our web and the ability to order online. But it's also being driven by 8 exclusive studios that are open across the country here in the Bay Area, Los Angeles, Florida, Illinois and New York.
And we also have additional facilities that are going to be opening up over the next 6 to 8 months, both in the U. S. And Canada. So we're expanding that network as we speak. And it's a big, big, big part of our strategy.
And the showroom itself is very much like the car. We had an opportunity to really start with a clean sheet. The design of the studio is again built around the heart and mind premise. This feeling of being inspired by Mid century modern architecture ties really nicely in with the design of the vehicle as well as the materials we use throughout the car. I wanted to take full advantage of the fact that we're going directly to consumers.
So that means these retail spaces are operated by Lucid employees, Not a third party, armed with the knowledge and technology and the back story of this incredible vehicle and this incredible brand. Now as we talk about the consumer journey, this is our opportunity to really connect with the customers On a digital level, on the way modern consumers operate. And that starts online with our Lucid Stories, the videos, The social media content, we create all of that in house and people find that through social media. And that drives people to our website. Now the website again is very curated, very immersive on the heart And mine talking about design, the background to the design of the vehicle and going deep into our technologies And the innovations of how that rounds out the vehicle.
The center point of that website is also our online configurator. And it's a real breakthrough in digital rendering. It's very real time. It's interactive. There's really nothing like it on the market today.
We created a new industry standard for automotive online configuration. The idea is that it creates further interest in the vehicle I mean Lucid that drives people to the offline studios. And the studio is meant to be a physical connection to that prior digital experience. And that's where you can touch and feel the car, feel the materials between options. And then again, customers can experience our technologies and do a deep dive into the configurator through virtual reality, Which is an important part of the digital journey, a real innovation in the industry.
Another part of the journey is charging. Now charging is, of course, absolutely crucial. And here, the Wonderbox Enables approximately 19.2 kilowatts of AC capability at home with a level 2 charger. Now that 19.2 kilowatts of AC enables approximately 70 miles per hour of charge Accrual at home. Yes, you plug your car in at home and you can really charge it at approximately 70 miles And then of course, when we look at our partnership with Electrify America, this is just awesome Because although we're going philosophically vertically integrated in terms of sales and service and in manufacturing, We don't need to invest into a fast charging network.
And actually, we can use the next generation technology. In partnering with Electrify America, we can leverage all the benefits of that system. We've got open source with the CCS combo connector. And the system is up to 3 50 kilowatts and 1,000 volts. It's a future proof of 1,000 volts.
Now actually, if you compare that with this Tesla supercharger network, it's an interesting comparison That's systems around 400 volts. It was based upon the technology we had available when I was leading the design of Tesla Model S, And that's a 400 volt architecture. The modern EVs need to go super high voltage. Even Hyundai is going to high voltage now. And I actually think that's quite a significant differentiator that we're going to this next generation voltage that we can go up to 3 50 kilowatts, Future proof, and we can go acid light in this.
I think that's a profound 2nd mover advantage. But there is an area where, unashamedly, I'm proud that we're vertically integrated And that we're facing up to the CapEx needs of the business and that's in manufacturing. Our A and P factory in Casa Grande is the 1st purpose built EV plant in North America. With a state of the art in house paint shop and processes that enable a premium paint quality finish Using water based paint materials. Again, paint quality versus sustainability of process And water based.
And a real breakthrough was made there. Really pleased, particularly you see that on the piano black paint, Which of course is an option with the Dream Edition. And we've got a great capital efficiencies by actually doing this from scratch And facing up to the challenge, we have another plant just down the road in Arizona, a powertrain manufacturing plant, the LPM plant. And this is where we make all our powertrain in house. Of course, we buy the gears in, we buy magnets in, we actually buy the cells in, but we actually effectively assemble And manufacture the key elements here, the battery modules, complete battery packs.
We put all the modules into the pack and assemble them all together. We make our electric motors. We make our inverters. We make the Wonderbox technology All in house. And this was a core philosophy that I personally insisted upon when we determined we'd be manufacturing.
I said, right, we're going to make sure we make effectively 2 things in house. 1 is going to be the painted body shell of the car, which we do at A&P 1 And 2, all the in house electric vehicle core technology, because there's a lot of secret sauce And a lot of know how to this, which we really want to keep away from the world and away from prying eyes. We've installed the unique, the world's first wave winding machine for the copper winding of our permanent magnet motor. It's state of the art. It's revolutionary.
And it's really part of the secret of how we're getting those Sectional performance outputs from our motors. There's a lot of expertise and as much as possible of that has been painted. And that's all in our LPM1 plant, which is just a few miles down the road. But why Arizona? Well, of course, we've got a great relationship with the state, developed a great relationship with Governor Ducey And his team, we're close to the metropoli of Phoenix and Tucson.
We're very closely linked with Arizona Central College, Getting great high quality associates from that institution. And of course, we're close to the interstate. We've got a railhead just outside our perimeter fence. We've got water. We've got everything we need.
And we're close to a lot of the supply base, Which is south of the border in Mexico in the Sonora region. And of course, we've got Governor Pavlovich from Mexico Being a super supporter of our endeavor. And with that, I'll hand it over to Sherry to share some perspective on the market opportunity for Lucid. Sherry?
Thank you, Peter. I'll spend just a few minutes providing some context For how we view the evolving market opportunity for our vehicles. We believe Lucid is well positioned to grow Within a growth market, specifically, we see the luxury car market expanding at an annual rate of about 5% over the next few years And ultimately reaching over $700,000,000,000 of global sales near the middle of this decade. We believe that the growing consumer sentiment Shirt. Vehicles coupled with the government mandates encouraging their adoption provides significant support for the EV industry overall and Lucid's position within it.
Hence, we maintain that this is an opportune time for the introduction of the Lucid Air and subsequently the Gravity product line. In the near term, we'll be competing in a market size at about 3,000,000 units for both our products, Lucid Air and Gravity. That breaks down into approximately 1,700,000 units for the Air And 1,500,000 units for the Gravity. But as we look out towards the end of the decade, in the 2030 calendar year, We expect Lucid's total addressable market to expand to approximately 15,000,000 units. Lucid plans to introduce an expanded vehicle lineup throughout that period, which will include vehicles at different price points in different segments.
By 2,030, we anticipate loose' annual volumes to be around 500,000 which equates to an approximate 4% share of market. In summary, we believe this is a very Achievable level of penetration and growth in a global market enjoying both increasing customer demand as well as strong government Support. This concludes my portion of the presentation. It's been a pleasure speaking with you today. And at this I'll hand it back to Peter for some closing remarks.
Thank you.
Thank you, Sherry. Well, everyone, I hope that you found today's call Both enjoyable and insightful. We are thoroughly excited for the road ahead and do hope that you will be a part of the journey Along with us, we are on a mission to accelerate positive change by developing cutting edge EV And EV related technology and providing customers with products and experiences that they love. So on that note, I'd like to remind the audience that the Churchill Capital Corp. 4 shareholder vote in connection with our intended merger Is scheduled for July 22, 2021.
So we'd encourage you Please vote by submitting your proxy as soon as possible after carefully reviewing Churchill's proxy statements and prospectus and its annexes filed with the SEC. Again, our sincere thanks for your time today