Filed by Churchill Capital Corp IV
pursuant to Rule 425 under the Securities Act
of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Churchill Capital Corp IV
Commission File No. 001-39408
SMMT Electrified 2021
March 25, 2021
Peter Rawlinson, CEO and CTO of Lucid Motors, joined the SMMT Electrified
2021 conference to discuss Lucid Motors.
TRANSCRIPT
Hello everyone. I'm Peter Rawlinson, and I'm the CEO and CTO of Lucid
Motors and it's a privilege to present to you at the inaugural International Electrified Conference of the SMMT, here today.
Lucid has a clear vision and mission. We're here to accelerate the
transition of mankind's mobility to a more sustainable model and to do that we need a mass, mass transition to pure battery electric cars.
But we have a clearer long-term objective and Lucid’s long-term
objective is to truly mass industrialize EV powertrains because it's going to take millions and millions of electric cars to truly make
that seismic change that the world so desperately needs because I passionately believe we have an impending environmental crisis on our
hands.
So, we're starting with unashamedly high-end car, this beauty behind
me the, Lucid Air. I'm here in Silicon Valley at our headquarters. This is the Lucid Air, and we built a brand-new factory for this car
in Arizona and we're going into production in the second half of 2021. Some versions of this car will have over 500-mile range and we
believe it needs to be a technological tour de force - the first product defines the brand. Thereafter will make cars progressively more
affordable in progressively increasing numbers and our Factory in Arizona is capable of being expanded from its current guise of 34,000
units per annum. So, we're taking this model, start with a high-end product, gradually make it more affordable.
But anything that lucid can make is almost a drop in the ocean compared
with the demands and the needs of mankind's transition to sustainable mobility. And I think it's prescient that this conference has coincided
with the recent announcement from the EU to target 30 million electric cars, battery electric cars, zero emission cars on the roads of
Europe by the end of this decade, by 2030.
Now I've been asked what's possible. Now, I don't claim to be Nostradamus,
but I'm an engineer. I worked on the forefront of electric cars for the last decade. My last position, I was chief engineer at Tesla.
What really excites me is the potential for taking the electric car to a whole new level.
What is possible? Well, there are two inherent hurdles obstacles to
the widespread adoption to EVs. One is range anxiety and with versions of this car, we're exceeding 500-mile range. That is the ultimate
antidote surely to range anxiety. But it's actually the entry cost, cost of ownership, that's really going to drive and determine how
much we can accelerate this sorely needed transition, which will benefit all mankind and future generations.
And I have a clarity of vision to get to the, the mythical $25,000
electric car and it's going to take one thing to drive it. It's going to take technology, because there is almost a myopic concentration
focus upon battery costs. Now that is important, getting below $100 per kilowatt hour for battery cost is very important, but there's
another factor which people are missing completely and that is efficiency.
And what do I mean by that? I mean to mean how far can I go for a given
amount of energy? How many miles can I travel per kilowatt hour? And that's really the, the electric equivalent the new metric the new
norm compared with petrol mileage. So many of us grew up with miles per gallon and we're going to have to get used to miles per kilowatt
hour. What's a good number? Well, we're achieving four and a half miles per kilowatt hour with a relatively luxurious car like Lucid Air.
Just imagine if we can get to six miles per kilowatt hour with a more
affordable car and I believe six miles per kilowatt hour is going to be the enabler which is going to drive that pendulum swing towards
widespread mass adoption. So, why am I so focused upon efficiency rather than just battery costs - both are equally important or maybe
not. So, if I could double efficiency, I could go the same range with half the battery size, that would have the battery cost, we would
half the weight of the battery, it would half the size of the battery. Surely that's better than just having battery costs. And I'm not
saying that battery costs aren't important here. Really what we need to look at is the cost of creating an electric car to go a certain
range, a certain distance. So that's that cost of range equals cost of battery energy, dollars per kilowatt hour divided by efficiency,
miles per kilowatt hour, that gives us dollars per mile. That's what you should be chasing. Not this myopia about just industrializing
battery costs to get that down. Let's look at the big picture.
Now what are the key battlegrounds for the future? I think there's
going to be huge challenges for so many incumbent OEs. And again, I point to technology. This is a tech race. Why is Tesla in such a preeminent
position? Tesla recognizes this is a technology play an attack race. They design, develop, engineer and manufacture, vertically integrated
all their EV power train in-house. There's another company that does that, It's Lucid. Surprisingly we do that. And it's all going to
be about technology and efficiency. The companies that embrace that will be the winners, those who don't, there's going to be blood on
the carpet. But there's hope and I offer hope because, as I said, Lucid here to mass industrialize electric technology. Because this is
a race that all of us cannot lose. We all breathe the air. And for future generations, we need that clean air. And I see that technology
that underpins EVs as the big driver, which gives me enormous hope and optimism for the future. Thank you so much for sharing this moment
with me today.
Goodbye from Silicon Valley.
IMPORTANT LEGAL INFORMATION
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,” “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 estimates
and forecasts of financial and operational metrics, projections of market opportunity, market share and product sales, expectations and
timing related to commercial product launches, including the start of production and launch of the Lucid Air and any future products,
the performance, range, autonomous driving and other features of the Lucid Air, future market opportunities, including with respect to
energy storage systems and automotive partnerships, future manufacturing capabilities and facilities, future sales channels and strategies,
future market launches and expansion, potential benefits of the proposed business combination and PIPE investment (collectively, the “proposed
transactions”) and the potential success of Lucid’s go-to-market strategy, and expectations related to the terms and timing
of the proposed transactions. These statements are based on various assumptions, whether or not identified in this communication, and
on the current expectations of Lucid’s and CCIV’s management and are not predictions of actual performance. These forward-looking
statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lucid and CCIV.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business,
market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed transactions,
including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that
could adversely affect the combined company or the expected benefits of the proposed transactions or that the approval of the shareholders
of CCIV or Lucid is not obtained; the outcome of any legal proceedings that may be instituted against Lucid or CCIV following announcement
of the proposed transactions; failure to realize the anticipated benefits of the proposed transactions; risks relating to the uncertainty
of the projected financial information with respect to Lucid, including conversion of reservations into binding orders; risks related
to the timing of expected business milestones and commercial launch, including Lucid’s ability to mass produce the Lucid Air and
complete the tooling of its manufacturing facility; risks related to the expansion of Lucid’s manufacturing facility and the increase
of Lucid’s production capacity; risks related to future market adoption of Lucid’s offerings; the effects of competition and
the pace and depth of electric vehicle adoption generally on Lucid’s future business; changes in regulatory requirements, governmental
incentives and fuel and energy prices; Lucid’s ability to rapidly innovate; Lucid’s ability to deliver Environmental Protection
Agency (“EPA”) estimated driving ranges that match or exceed its pre-production projected driving ranges; future changes to
vehicle specifications which may impact performance, pricing, and other expectations; Lucid’s ability to enter into or maintain
partnerships with original equipment manufacturers, vendors and technology providers; Lucid’s ability to effectively manage its
growth and recruit and retain key employees, including its chief executive officer and executive team; Lucid’s ability to establish
its brand and capture additional market share, and the risks associated with negative press or reputational harm; Lucid’s ability
to manage expenses; Lucid’s ability to effectively utilize zero emission vehicle credits; the amount of redemption requests made
by CCIV’s public shareholders; the ability of CCIV or the combined company to issue equity or equity-linked securities in connection
with the proposed transactions or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations
and inquiries; and the impact of the global COVID-19 pandemic on Lucid, CCIV, the combined company’s projected results of operations,
financial performance or other financial metrics, or on any of the foregoing risks; and those factors discussed under the heading “Risk
Factors” in CCIV’s Form S-4 dated March 19, 2021 and CCIV’s Annual Report on Form 10-K for the year ended December 31,
2020, as well as other documents of CCIV filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove
incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional
risks that neither Lucid nor CCIV presently know or that Lucid and CCIV currently believe 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
and CCIV’s expectations, plans or forecasts of future events and views as of the date of this communication. Lucid and CCIV anticipate
that subsequent events and developments will cause Lucid’s and CCIV’s assessments to change. However, while Lucid and CCIV
may elect to update these forward-looking statements at some point in the future, Lucid and CCIV specifically disclaim any obligation
to do so. These forward-looking statements should not be relied upon as representing Lucid’s and CCIV’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.
Industry, Market and Vehicle Data
Industry and market data used in this communication have been obtained
from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither Lucid nor CCIV
has independently verified the data obtained from these sources, and they cannot assure you of the data’s accuracy or completeness.
This data is subject to change. In addition, this communication does not purport to be all-inclusive or to contain all of the information
that may be required to make a full analysis of Lucid or the proposed transactions. Readers of this communication should each make their
own evaluation of Lucid and of the relevance and adequacy of the information and should make such other investigations as they deem necessary.
Information in this communication about non-Lucid vehicles is derived from figures published by manufacturers and other publicly available
information. Neither Lucid nor CCIV has independently verified the data obtained from these sources, and they cannot assure you of the
data’s accuracy or completeness. Ranges for Lucid vehicles in this communication are projected EPA estimated ranges and are made
using an approximation of an EPA test cycle. Lucid vehicles are in pre-production, and specifications (including range) are subject to
change. Final EPA estimated ranges for Lucid vehicles are not available. Certain vehicle performance characteristics included in this
communication are not available in every trim.
Additional Information About the Proposed Transactions and Where
to Find It
The proposed transactions will be submitted to shareholders of CCIV
for their consideration. CCIV intends to file a registration statement on Form S-4 (the “Registration Statement”) with the
Securities and Exchange Commission (the “SEC”) which will include preliminary and definitive proxy statements to be distributed
to CCIV’s shareholders in connection with CCIV’s solicitation for proxies for the vote by CCIV’s shareholders in connection
with the proposed transactions and other matters as described in the Registration Statement, as well as the prospectus relating to the
offer of the securities to be issued to Lucid’s shareholders in connection with the completion of the proposed business combination.
After the Registration Statement has been filed and declared effective, CCIV will mail a definitive proxy statement and other relevant
documents to its shareholders as of the record date established for voting on the proposed transactions. CCIV’s shareholders and
other interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments thereto and,
once available, the definitive proxy statement/prospectus, in connection with CCIV’s solicitation of proxies for its special meeting
of shareholders to be held to approve, among other things, the proposed transactions, because these documents will contain important information
about CCIV, Lucid and the proposed transactions. Shareholders may also obtain a copy of the preliminary or definitive proxy statement,
once available, as well as other documents filed with the SEC regarding the proposed transactions and other documents filed with the SEC
by CCIV, without charge, at the SEC's website located at www.sec.gov or by directing a request to CCIV.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED
OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR
THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Participants in the Solicitation
CCIV, Lucid and certain of their respective directors, executive officers
and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from
CCIV’s shareholders in connection with the proposed transactions. Information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of CCIV’s shareholders in connection with the proposed transactions will be set forth in
CCIV’s proxy statement/prospectus when it is filed with the SEC. You can find more information about CCIV’s directors and
executive officers in CCIV’s final prospectus filed with the SEC on July 30, 2020. Additional information regarding the participants
in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus
when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully
when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources
indicated above.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation
of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction.
Trademarks
This communication contains trademarks, service marks, trade names
and copyrights of Lucid, CCIV and other companies, which are the property of their respective owners.
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