2024 Q1 Form 10-K Financial Statement

#000162828024007209 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $172.7M $157.2M $595.3M
YoY Change 15.6% -39.02% -2.12%
Cost Of Revenue $404.8M $410.0M $1.936B
YoY Change -19.13% -33.36% 17.62%
Gross Profit -$232.1M -$252.9M -$1.341B
YoY Change -33.9% -29.28% 29.18%
Gross Profit Margin -134.34% -160.91% -225.24%
Selling, General & Admin $213.2M $241.0M $797.2M
YoY Change 26.34% 41.06% 8.53%
% of Gross Profit
Research & Development $284.6M $243.0M $937.0M
YoY Change 23.86% 9.8% 14.06%
% of Gross Profit
Depreciation & Amortization $68.84M $67.50M $233.5M
YoY Change 38.12% 22.2% 25.16%
% of Gross Profit
Operating Expenses $497.9M $484.0M $1.734B
YoY Change 24.91% 23.42% 11.45%
Operating Profit -$729.9M -$736.9M -$3.100B
YoY Change -5.47% -1.72% 19.49%
Interest Expense $7.501M $50.90M $24.92M
YoY Change 5.53% 137.9% -18.57%
% of Operating Profit
Other Income/Expense, Net $49.24M $32.21M $272.2M
YoY Change -780.35% -87.39% -78.9%
Pretax Income -$680.7M -$653.8M -$2.827B
YoY Change -12.67% 38.27% 116.81%
Income Tax $188.0K $14.00K $1.026M
% Of Pretax Income
Net Earnings -$680.9M -$653.8M -$2.828B
YoY Change -12.65% 38.32% 116.83%
Net Earnings / Revenue -394.15% -416.01% -475.15%
Basic Earnings Per Share -$0.30 -$1.36
Diluted Earnings Per Share -$0.30 -$0.29 -$1.36
COMMON SHARES
Basic Shares Outstanding 2.300B shares 2.289B shares 2.082B shares
Diluted Shares Outstanding 2.302B shares 2.082B shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.994B $3.860B $3.860B
YoY Change 34.11% -1.36% -1.36%
Cash & Equivalents $2.169B $1.370B $1.370B
Short-Term Investments $1.825B $2.490B $2.490B
Other Short-Term Assets $74.89M $79.67M $149.4M
YoY Change 27.15% -2.29% 2.94%
Inventory $565.7M $696.2M $696.2M
Prepaid Expenses $72.14M $69.68M
Receivables $126.9M $51.82M $51.82M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.834B $4.757B $4.757B
YoY Change 17.33% -3.15% -3.15%
LONG-TERM ASSETS
Property, Plant & Equipment $3.189B $3.032B $3.032B
YoY Change 25.76% 27.31% 27.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $688.4M $461.0M $461.0M
YoY Change 55.84% -13.01% -13.01%
Other Assets $185.4M $262.2M $262.2M
YoY Change 13.51% 374.07% 374.07%
Total Long-Term Assets $4.063B $3.756B $3.756B
YoY Change 29.35% 26.57% 26.57%
TOTAL ASSETS
Total Short-Term Assets $4.834B $4.757B $4.757B
Total Long-Term Assets $4.063B $3.756B $3.756B
Total Assets $8.897B $8.513B $8.513B
YoY Change 22.53% 8.04% 8.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $101.5M $108.7M $108.7M
YoY Change -30.37% -52.54% -52.54%
Accrued Expenses $226.7M $92.49M $92.49M
YoY Change 125.3% 46.07% 46.07%
Deferred Revenue
YoY Change
Short-Term Debt $72.52M $72.53M $72.53M
YoY Change 655.85% 655.95% 655.95%
Long-Term Debt Due $7.548M $8.202M $8.202M
YoY Change -26.28% -22.52% -22.52%
Total Short-Term Liabilities $1.037B $1.008B $1.008B
YoY Change 2.14% 7.56% 7.56%
LONG-TERM LIABILITIES
Long-Term Debt $1.998B $1.997B $2.075B
YoY Change 0.26% 0.26% 0.07%
Other Long-Term Liabilities $525.9M $524.3M $578.0M
YoY Change 45.78% 38.64% 11.41%
Total Long-Term Liabilities $2.524B $2.521B $2.653B
YoY Change 7.23% 6.38% 2.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.037B $1.008B $1.008B
Total Long-Term Liabilities $2.524B $2.521B $2.653B
Total Liabilities $4.160B $3.661B $3.661B
YoY Change 14.64% 3.73% 3.73%
SHAREHOLDERS EQUITY
Retained Earnings -$10.90B -$10.20B
YoY Change 34.57% 37.84%
Common Stock $231.0K $230.0K
YoY Change 26.23% 25.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.232B $4.852B $4.852B
YoY Change
Total Liabilities & Shareholders Equity $8.897B $8.513B $8.513B
YoY Change 22.53% 8.04% 8.04%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$680.9M -$653.8M -$2.828B
YoY Change -12.65% 38.32% 116.83%
Depreciation, Depletion And Amortization $68.84M $67.50M $233.5M
YoY Change 38.12% 22.2% 25.16%
Cash From Operating Activities -$516.7M -$474.6M -$2.490B
YoY Change -35.51% -26.82% 11.84%
INVESTING ACTIVITIES
Capital Expenditures $198.2M $272.6M $910.6M
YoY Change -18.02% -5.95% -15.28%
Acquisitions
YoY Change
Other Investing Activities $0.00 $924.8M $4.827M
YoY Change -100.0% -999.88% -100.19%
Cash From Investing Activities $317.5M $652.2M -$947.0M
YoY Change -1205.82% -266.09% -74.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $997.2M 27.95M $3.071B
YoY Change -17457.74% -98.15% 127.94%
NET CHANGE
Cash From Operating Activities -$516.7M -474.6M -$2.490B
Cash From Investing Activities $317.5M 652.2M -$947.0M
Cash From Financing Activities $997.2M 27.95M $3.071B
Net Change In Cash $798.0M 205.6M -$365.8M
YoY Change -195.49% -56.42% -91.98%
FREE CASH FLOW
Cash From Operating Activities -$516.7M -$474.6M -$2.490B
Capital Expenditures $198.2M $272.6M $910.6M
Free Cash Flow -$714.9M -$747.2M -$3.400B
YoY Change -31.46% -20.38% 3.01%

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CY2022 lcid Right Of Use Asset Obtained In Exchange For Lease Liability
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CY2021 lcid Right Of Use Asset Obtained In Exchange For Lease Liability
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CY2023 lcid Equity Securities Obtained Through Arrangement
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CY2022 lcid Equity Securities Obtained Through Arrangement
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CY2021 lcid Equity Securities Obtained Through Arrangement
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CY2023 lcid Issuance Of Convertible Preferred Stock Upon Exercise Of Preferred Stock Warrants
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CY2022 lcid Issuance Of Convertible Preferred Stock Upon Exercise Of Preferred Stock Warrants
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CY2021 lcid Issuance Of Convertible Preferred Stock Upon Exercise Of Preferred Stock Warrants
IssuanceOfConvertiblePreferredStockUponExerciseOfPreferredStockWarrants
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CY2023 lcid Issuance Of Convertible Preferred Share Contingent Forward Contracts
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CY2022 lcid Issuance Of Convertible Preferred Share Contingent Forward Contracts
IssuanceOfConvertiblePreferredShareContingentForwardContracts
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CY2021 lcid Issuance Of Convertible Preferred Share Contingent Forward Contracts
IssuanceOfConvertiblePreferredShareContingentForwardContracts
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CY2023 lcid Capital Contribution Upon Issuance Of Preferred Shares
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CY2022 lcid Capital Contribution Upon Issuance Of Preferred Shares
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CY2021 lcid Capital Contribution Upon Issuance Of Preferred Shares
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CY2023 lcid Issuance Of Convertible Preferred Stock Upon Settlement Of Contingent Forward Contracts
IssuanceOfConvertiblePreferredStockUponSettlementOfContingentForwardContracts
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CY2022 lcid Issuance Of Convertible Preferred Stock Upon Settlement Of Contingent Forward Contracts
IssuanceOfConvertiblePreferredStockUponSettlementOfContingentForwardContracts
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CY2021 lcid Issuance Of Convertible Preferred Stock Upon Settlement Of Contingent Forward Contracts
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CY2023 us-gaap Conversion Of Stock Amount Issued1
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CY2022 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
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CY2021 us-gaap Conversion Of Stock Amount Issued1
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CY2023 us-gaap Nature Of Operations
NatureOfOperations
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">DESCRIPTION OF BUSINESS</span><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Overview</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lucid Group, Inc. (“Lucid”) is a technology company focused on designing, developing, manufacturing, and selling the next generation of electric vehicles (“EV”), EV powertrains and battery systems.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lucid was originally incorporated in Delaware on April 30, 2020 under the name Churchill Capital Corp IV (formerly known as Annetta Acquisition Corp) (“Churchill”) as a special purpose acquisition company with the purpose of effecting a merger with one or more operating businesses. On February 22, 2021, Churchill entered into a definitive merger agreement (the “Merger Agreement”) with Atieva, Inc. (“Legacy Lucid”) in which Legacy Lucid would become a wholly owned subsidiary of Churchill (the “Merger”). Upon the closing of the Merger on July 23, 2021 (the “Closing”), Churchill was immediately renamed to “Lucid Group, Inc.” The Merger between Churchill and Legacy Lucid was accounted for as a reverse recapitalization. See Note 4 “Reverse Recapitalization” for more information. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Throughout the notes to the consolidated financial statements, unless otherwise noted, the “Company,” “we,” “us” or “our” and similar terms refer to Legacy Lucid and its subsidiaries prior to the consummation of the Merger, and Lucid and its subsidiaries after the consummation of the Merger.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Liquidity</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company devotes its efforts to business planning, selling and servicing of vehicles, providing technology access, research and development, construction and expansion of manufacturing facilities, expansion of retail studios and service center capacities, recruiting of management and technical staff, acquiring operating assets, and raising capital.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From inception through December 31, 2023, the Company has incurred operating losses and negative cash flows from operating activities. For the years ended December 31, 2023, 2022 and 2021, the Company has incurred net losses of $2.8 billion, $1.3 billion and $2.6 billion, respectively. The Company had an accumulated deficit of $10.2 billion as of December 31, 2023. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company completed the first phase of the construction of its Advanced Manufacturing Plant-1 in Casa Grande, Arizona (“AMP-1”) in 2021, transitioned general assembly to the AMP-1 phase 2 manufacturing facility and completed the semi knocked-down (“SKD”) portion of its Advanced Manufacturing Plant-2 in Saudi Arabia (“AMP-2”) in September 2023. The Company began commercial production of its first vehicle, the Lucid Air, in September 2021 and delivered its first vehicles in late October 2021. The Company continues to expand AMP-1, construct the completely-built-up (“CBU”) portion of AMP-2, and build a network of retail sales and service locations. The Company has plans for continued development of additional vehicle model types for future release. The aforementioned activities will require considerable capital, which is above and beyond the expected cash inflows from the initial sales of the Lucid Air. As such, the future operating plan involves considerable risk if secure funding sources are not identified and confirmed.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s existing sources of liquidity include cash, cash equivalents, investments, and credit facilities. Historically, the Company funded operations primarily with issuances of common stock, convertible preferred stock and convertible notes. Upon the completion of the Merger, the Company received $4,400.3 million in cash proceeds, net of transaction costs. In December 2021, the Company issued an aggregate principal amount of $2,012.5 million of 1.25% convertible senior notes due in December 2026. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, the Company entered into a loan agreement with the Saudi Industrial Development Fund (“SIDF”) with an aggregate principal amount of up to approximately $1.4 billion, a five-year senior secured asset-based revolving credit facility (“ABL Credit Facility”) with an initial aggregate principal commitment amount of up to $1.0 billion and revolving credit facilities (the “GIB Facility Agreement”) with Gulf International Bank (“GIB”) in an aggregate principal amount of approximately $266.1 million. The GIB Facility Agreement provided for two committed revolving credit facilities, of which $173.0 million was available as a bridge financing (the “Bridge Facility”) and $93.1 million was for general corporate purposes (the “Working Capital Facility”). </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2023, the Company amended the GIB Facility Agreement (together with the GIB Facility Agreement, the “Amended GIB Facility Agreement”) to combine the Bridge Facility and the Working Capital Facility into a committed $266.7 million revolving credit facility (the “GIB Credit Facility”), which will bear interest at a rate of 1.40% per annum over SAIBOR (based on the term of borrowing) and associated fees. See Note 7 “Debt” for more information. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 8, 2022, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with BofA Securities, Inc., Barclays Capital Inc. and Citigroup Global Markets Inc., under which the Company could offer and sell shares of its common stock having an aggregate offering price up to $600.0 million (the “At-the-Market Offering”). On November 8, 2022, the Company also entered into a subscription agreement (the “2022 Subscription Agreement”) with Ayar Third Investment Company, the controlling stockholder of the Company (“Ayar”), pursuant to which Ayar agreed to purchase from the Company, up to $915.0 million of shares of its common stock in one or more private placements through March 31, 2023. In December 2022, the Company completed its At-the-Market Offering program pursuant to the Equity Distribution Agreement for net proceeds of $594.3 million after deducting commissions and other issuance costs and also consummated a private placement of shares to Ayar pursuant to the 2022 Subscription Agreement for $915.0 million. No shares remain available for sale under the Equity Distribution Agreement. See Note 12 “Stockholders’ Equity” for more information.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 31, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc. (the “Underwriter”), under which the Underwriter agreed to purchase from the Company shares of the Company’s common stock in a public offering for aggregate net proceeds to the Company of $1.2 billion. On May 31, 2023, the Company also entered into a subscription agreement (the “2023 Subscription Agreement”) with Ayar, pursuant to which Ayar agreed to purchase from the Company shares of the Company’s common stock in a private placement for aggregate net proceeds of $1.8 billion. In June 2023, the Company completed the public offering pursuant to the Underwriting Agreement for aggregate net proceeds of $1.2 billion and also consummated the private placement to Ayar pursuant to the 2023 Subscription Agreement for aggregate net proceeds of $1.8 billion. See Note 12 “Stockholders’ Equity” for more information.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Certain Significant Risks and Uncertainties</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s current business activities consist of (i) generating sales from the deliveries and service of vehicles, (ii) research and development efforts to design, engineer and develop high-performance fully electric vehicles and advanced electric vehicle powertrain components, including battery pack systems, (iii) further construction of AMP-1 phase 2 in Casa Grande, Arizona, (iv) construction of the CBU portion of AMP-2 in Saudi Arabia, (v) expansion of its retail studios and service centers capabilities throughout North America and across the globe, and (vi) providing its technology access to third parties. The Company is subject to the risks associated with such activities, including the need to further develop its technology, its marketing, and distribution channels; further develop its supply chain and manufacturing; and hire additional management and other key employees. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including our ability to access potential markets, and secure long-term financing.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company participates in a dynamic high-technology industry. Changes in any of the following areas could have a material adverse impact on the Company’s future financial position, results of operations, and/or cash flows: changes in the overall demand for its products and services; advances and trends in new technologies; competitive pressures; acceptance of the Company’s products and services; litigation or claims against the Company based on intellectual property (including patents), regulatory, or other factors; and the Company’s ability to attract and retain employees necessary to support its business operations.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A global economic recession or other downturn, whether due to inflation, global conflicts or other geopolitical events, COVID-19 or other public health crises, interest rate increases or other policy actions by major central banks, government closures of banks and liquidity concerns at other financial institutions, or other factors, may have an adverse impact on the Company’s business, prospects, financial condition and results of operations. Adverse economic conditions as well as uncertainty about the current and future global economic conditions may cause the Company’s customers to defer purchases or cancel their reservations and orders in response to higher interest rates, availability of consumer credit, decreased cash availability, fluctuations in foreign currency exchange rates, and weakened consumer confidence. Reduced demand for the Company’s products may result in significant decreases in product sales, which in turn would have a material adverse impact on the Company’s business, prospects, financial condition and results of operations. Because of the Company’s premium brand positioning and pricing, an economic downturn is likely to have a heightened adverse effect on the Company compared to many of its electric vehicle and traditional automotive industry competitors, to the extent that consumer demand for luxury goods is reduced in favor of lower-priced alternatives. In addition, any economic recession or other downturn could also cause logistical challenges and other operational risks if any of the Company’s suppliers, sub-suppliers or partners become insolvent or are otherwise unable to continue their operations, fulfill their obligations to the Company, or meet the Company’s future demand. In addition, the deterioration of conditions in the broad financing markets may limit the Company’s ability to obtain external financing to fund its operations and capital expenditures on terms favorable to the Company, if at all. See “Risk Factors” in Item 1A of Part I of this </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Annual Report </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">on Form 10-K (the “Annual Report”) for more information regarding risks associated with a global economic recession, including under the caption “</span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">A global economic recession, government closures of banks and liquidity concerns at other financial institutions, or other downturn may have a material adverse impact on our business, prospects, results of operations and financial condition</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">”</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the current circumstances, any impact on the Company’s financial condition, results of operations or cash flows in the future continues to be difficult to estimate and predict, as it depends on future events that are highly uncertain and cannot be predicted with accuracy.</span></div>
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CY2021 us-gaap Net Income Loss
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CY2021Q3 lcid Proceeds From Reverse Recapitalization Net Of Transaction Costs
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CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Number Of Reportable Segments
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CY2023 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, assumptions and judgments made by management include, among others, inventory valuation, warranty reserve, useful lives of property, plant and equipment, fair value of common stock warrants, fair value of contingent forward contracts liability, estimates of residual value guarantee (“RVG”) liability, deferred revenue related to technology access fees and over-the-air (“OTA”) software updates, sales return reserves, fair value of common stock prior to the Merger and other assumptions used to measure stock-based compensation expense, and estimated incremental borrowing rates for assessing operating and finance leases. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.</span></div>
CY2023Q4 us-gaap Cash
Cash
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CY2022Q4 us-gaap Cash
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CY2021Q4 us-gaap Cash
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CY2023Q4 us-gaap Restricted Cash Current
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CY2022Q4 us-gaap Restricted Cash Current
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CY2021Q4 us-gaap Restricted Cash Current
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CY2023Q4 us-gaap Restricted Cash Noncurrent
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CY2022Q4 us-gaap Restricted Cash Noncurrent
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CY2021Q4 us-gaap Restricted Cash Noncurrent
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div>Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, investments and accounts receivable. The Company places its cash primarily with domestic financial institutions that are federally insured within statutory limits, but at times its deposits may exceed federally insured limits.
CY2023 us-gaap Property Plant And Equipment Impairment
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Impairment of Long-Lived Assets</span></div><div style="margin-top:12pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Long-lived assets, including property, plant and equipment and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">right-of-use (“ROU”) assets </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for potential impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. The Company recognized impairment loss of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$15.3 million</span><span style="color:#b6b6b6;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for the year ended </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2023. I</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">mpairment loss recognized for the years ended December 31, 2022 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and 2021 was </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">immaterial.</span></div>
CY2023 lcid Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag
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impairment loss
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CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2023 lcid Number Of Performance Obligations
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Warranties</span></div>The Company provides a manufacturer’s warranty on all vehicles it sells and accrues a warranty reserve for warranty coverage, as applicable. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency, and costs of future claims. The Company accrues a warranty reserve for all products sold which includes the Company’s best estimates of the projected costs related to recalls identified and special campaigns to repair or replace items under warranties. Changes to the Company’s historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve for costs expected to be incurred within the next 12 months is included within other current liabilities, while the remaining balance is included within other long-term liabilities in the consolidated balance sheets. The warranty expense is recorded as a component of cost of revenue in the consolidated statements of operations and comprehensive loss.
CY2023 us-gaap Advertising Expense
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CY2023 us-gaap Restructuring Charges
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CY2023 us-gaap Restructuring Reserve Accrual Adjustment1
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CY2021Q3 lcid Recapitalization Exchange Ratio
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CY2021Q3 lcid Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments And Options Outstanding Number
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CY2021Q3 lcid Reverse Recapitalization Conversion Price
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10.00
CY2021Q3 us-gaap Temporary Equity Shares Outstanding
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CY2021Q3 us-gaap Temporary Equity Shares Issued
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CY2021Q3 us-gaap Common Stock Shares Outstanding
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CY2021Q3 us-gaap Common Stock Shares Issued
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021Q3 lcid Share Based Payment Award Options Converted
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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16418321 shares
CY2021Q3 lcid Share Based Payment Award Non Option Equity Instruments Converted Reverse Recapitalization
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CY2021Q3 us-gaap Proceeds From Issuance Of Private Placement
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CY2021Q3 lcid Reverse Recapitalization Working Capital Loan Converted Amount
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CY2021Q3 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
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CY2021Q3 lcid Debt Conversion Converted Instrument Warrants Or Options Issued Price Per Warrant
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CY2021Q3 lcid Reverse Recapitalization Contingent Consideration Shares
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CY2021Q3 lcid Reverse Recapitalization Contingent Consideration Warrants
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CY2021Q3 lcid Reverse Recapitalization Conversion Price
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10.00
CY2021Q3 lcid Stock Issued During Period Shares Reverse Recapitalization
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CY2021Q3 lcid Stock Converted Reverse Recapitalization
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CY2021Q3 us-gaap Common Stock Shares Outstanding
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CY2021Q3 lcid Share Based Payment Award Equity Instruments And Options Converted Reverse Recapitalization
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CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
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CY2021Q3 lcid Reverse Recapitalization Contingent Consideration Warrants
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ProceedsFromReverseRecapitalization
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ReverseRecapitalizationTransactionCostsIncurred
38900000 usd
CY2021Q3 lcid Adjustments To Additional Paid In Capital Reduction For Reverse Recapitalization Transaction Costs
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36200000 usd
CY2021Q3 lcid Reverse Recapitalization Transaction Costs Expensed
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34311000 usd
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432726000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Inventory Net
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InventoryAndPurchaseObligationWriteDown
926900000 usd
CY2022 lcid Inventory And Purchase Obligation Write Down
InventoryAndPurchaseObligationWriteDown
569500000 usd
CY2021 lcid Inventory And Purchase Obligation Write Down
InventoryAndPurchaseObligationWriteDown
48900000 usd
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3312268000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
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2439866000 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
501401000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
273090000 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2810867000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2166776000 usd
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DepreciationAndAmortizationExcludingDebtDiscountsAndInsurancePremiums
233500000 usd
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186600000 usd
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62900000 usd
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42176000 usd
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28686000 usd
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156414000 usd
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167462000 usd
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44957000 usd
CY2022Q4 lcid Accrued Purchases
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157162000 usd
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41478000 usd
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34951000 usd
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49925000 usd
CY2022Q4 lcid Tooling Liability Current
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21714000 usd
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28431000 usd
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LossReserveOnFirmCommitmentsCurrent
143566000 usd
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22640000 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual Current
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22677000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual Current
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10464000 usd
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190828000 usd
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161525000 usd
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CY2022Q4 us-gaap Other Liabilities Current
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244122000 usd
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243843000 usd
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CY2022Q4 us-gaap Standard Product Warranty Accrual
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22949000 usd
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1282000 usd
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CY2022 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
11557000 usd
CY2023 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
74050000 usd
CY2022 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
33224000 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
46076000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
22949000 usd
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CY2022 us-gaap Debt Securities Available For Sale Realized Gain Loss
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CY2023Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
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CY2022Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
7500000 usd
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CY2022Q4 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
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CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
2491627000 usd
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2489798000 usd
CY2023Q4 lcid Debt Securities Available For Sale Amortized Cost Maturity Allocated And Single Maturity Date After Year One Through Three
DebtSecuritiesAvailableForSaleAmortizedCostMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughThree
458117000 usd
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461029000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss
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CY2023Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
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CY2021 lcid Fair Value Adjustment Of Forward Contracts Indexed To Issuers Equity
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454500000 usd
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23.78
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1.94
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12900000 usd
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ReverseRecapitalizationContingentConsiderationWarrants
14783333 shares
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants
ReverseRecapitalizationContingentConsiderationWarrants
14783333 shares
CY2022Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0 shares
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
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CY2023Q4 us-gaap Temporary Equity Shares Issued
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CY2023Q4 us-gaap Temporary Equity Shares Outstanding
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CY2021Q1 us-gaap Common Stock Shares Authorized
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CY2021Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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10000000 shares
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CY2023Q4 us-gaap Preferred Stock Shares Issued
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CY2022Q4 us-gaap Preferred Stock Shares Issued
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CY2023Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2021Q3 lcid Stock Issued During Period Shares Reverse Recapitalization
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425395023 shares
CY2021Q3 lcid Stock Converted After Exchange Ratio Reverse Recapitalization
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1155909367 shares
CY2021Q3 us-gaap Common Stock Shares Outstanding
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11.50
CY2021 lcid Class Of Warrant Or Right Number Of Warrants Exercised
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41034197 shares
CY2021 lcid Class Of Warrant Or Right Number Of Warrants Exercised In Noncash Transaction
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25966976 shares
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173300000 usd
CY2021 lcid Class Of Warrant Or Right Warrants Redeemed Or Called During Period Shares
ClassOfWarrantOrRightWarrantsRedeemedOrCalledDuringPeriodShares
365803 shares
CY2021Q4 lcid Class Of Warrant Or Right Redemption Price
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CY2023 us-gaap Treasury Stock Shares Acquired
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CY2022 us-gaap Treasury Stock Shares Acquired
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CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2021 lcid Reverse Recapitalization Contingent Consideration Contingency Period
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P5Y
CY2021 lcid Reverse Recapitalization Contingent Consideration Shares Issued And Outstanding
ReverseRecapitalizationContingentConsiderationSharesIssuedAndOutstanding
17250000 shares
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants Issued And Outstanding
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14783333 shares
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants Target Share Price Threshold Trading Days
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CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants Target Share Price Threshold Consecutive Trading Days
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CY2021 lcid Reverse Recapitalization Contingent Consideration Shares Vested
ReverseRecapitalizationContingentConsiderationSharesVested
17250000 shares
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants Vested
ReverseRecapitalizationContingentConsiderationWarrantsVested
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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1.19
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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1.17
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.61
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206700000 usd
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17400000 usd
CY2021 lcid Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Fair Value
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24000000 usd
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
5500000 usd
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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6200000 usd
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AllocatedShareBasedCompensationExpense
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CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021 us-gaap Allocated Share Based Compensation Expense
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43300000 usd
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ProceedsFromFailedSaleLeasebackTransaction
31700000 usd
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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OperatingLeaseLiabilityNoncurrent
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CY2023Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Finance Lease Right Of Use Asset
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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FinanceLeaseLiabilityCurrent
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CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
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CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
77653000 usd
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
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CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
85855000 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
91922000 usd
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55307000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
44617000 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
31097000 usd
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
1770000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
1712000 usd
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
2406000 usd
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
5252000 usd
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4812000 usd
CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
3020000 usd
CY2023 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4867000 usd
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2453000 usd
CY2021 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
460000 usd
CY2023 lcid Finance Lease Cost
FinanceLeaseCost
10119000 usd
CY2022 lcid Finance Lease Cost
FinanceLeaseCost
7265000 usd
CY2021 lcid Finance Lease Cost
FinanceLeaseCost
3480000 usd
CY2023 us-gaap Lease Cost
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67196000 usd
CY2022 us-gaap Lease Cost
LeaseCost
53594000 usd
CY2021 us-gaap Lease Cost
LeaseCost
36983000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2022 us-gaap Operating Lease Payments
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CY2021 us-gaap Operating Lease Payments
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CY2023 us-gaap Finance Lease Interest Payment On Liability
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CY2022 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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CY2021 us-gaap Finance Lease Interest Payment On Liability
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32558000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
9693000 usd
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56847000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
8340000 usd
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62261000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
6619000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
59146000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
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82488000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
51331000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
117000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
47464000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
37000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
120441000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
97601000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
124937000 usd
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
11746000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
272553000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
85855000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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28431000 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
8202000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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244122000 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
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77653000 usd
CY2023Q4 lcid Lessee Lease Not Yet Commenced Undiscounted Amount
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CY2023Q4 us-gaap Purchase Obligation Due In Next Twelve Months
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CY2023Q4 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
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CY2023Q4 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
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692764000 usd
CY2023Q4 us-gaap Purchase Obligation Due After Fifth Year
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2023 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2022 lcid Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrant Liability Percent
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CY2021 lcid Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrant Liability Percent
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
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CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
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CY2023Q4 us-gaap Deferred Tax Assets Inventory
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CY2022Q4 us-gaap Deferred Tax Assets Inventory
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CY2022Q4 us-gaap Deferred Tax Assets Other
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CY2023Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q4 us-gaap Deferred Tax Assets Net
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CY2023Q4 lcid Deferred Tax Liabilities Tax Accounting Method Change
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2023 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2023 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2021 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2022 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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-1.51
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6.41
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
185235513 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
126145618 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
177417887 shares
CY2023 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0 usd
CY2023 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0 usd
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0 usd
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001628280-24-007209.txt Edgar Link pending
0001628280-24-007209-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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