Category: 3. Business

NEWARK, Calif. – November 5 2025 — Lucid Group, Inc. (NASDAǪ: LCID), maker of the world’s most advanced electric vehicles, today announced key organizational changes designed to accelerate growth, streamline decision-making, and enhance accountability as the company scales globally.

To support these objectives, Lucid has made the following organizational changes:

•    Emad Dlala has been appointed Senior Vice President, Engineering and Digital. In addition to leading the powertrain organization, he will now oversee all product development functions, including vehicle engineering, digital systems, and software. In his expanded role he will continue to drive Lucid’s technology leadership, lead vehicle development, improve cost efficiency and manufacturability, and advance Lucid’s software-defined vehicle architectures.
•    Erwin Raphael has been elevated to Senior Vice President, Revenue, with expanded global responsibilities. He will now lead global sales and service operations, driving accountability for revenue and customer experience as Lucid expands further into new consumer markets worldwide.

In addition, Lucid has appointed Marnie Levergood, as Senior Vice President, Ǫuality. Levergood will lead efforts to ensure Lucid delivers vehicles that meet the highest standards of quality and craftsmanship, working in close concert with engineering and manufacturing. She previously held quality and manufacturing roles at Scout Motors, Stellantis, and Magna. Levergood succeeds Jeri Ford, who will be retiring after more than 35 years in the automotive industry.

“As we accelerate production of Lucid Gravity and prepare to launch our Midsize platform, these changes will help drive faster innovation and stronger execution.” said Marc Winterhoff, Interim CEO at Lucid. “Emad has played a key role in establishing Lucid as the EV technology leader. In his new expanded role overseeing complete vehicle development, we have no doubt his leadership will broaden our technology excellence, improve software quality, manage costs, and keep projects on schedule. As we grow globally, Erwin’s leadership will be critical to delivering exceptional customer experiences and driving revenue growth. And Marnie brings decades of experience that further strengthens our leadership team.”

As part of these changes, Eric Bach, Senior Vice President of Product and Chief Engineer, has departed Lucid. The company thanks him for his contributions over the past decade.

About Lucid Group
Lucid (NASDAǪ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The award-winning Lucid Air and Lucid Gravity SUV deliver best-in-class performance, sophisticated design, expansive interior space and unrivaled energy efficiency. Lucid assembles both vehicles in its state-of-the-art, vertically integrated factories in Arizona and Saudi Arabia. Through its industry-leading technology and innovations, Lucid is advancing the state-of- the-art of EV technology for the benefit of all.

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,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Lucid’s expectations related to the announced executive leadership changes, including the intended business performance resulting from these changes. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid’s management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the cautionary language and the Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Ǫuarterly Reports on Form 10-Ǫ, Current Reports on Form 8-K, and other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid’s expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid’s assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication.
Accordingly, undue reliance should not be placed upon the forward-looking statements.

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media@lucidmotors.com

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WASHINGTON, DC (Nov. 5, 2025) – The American Chemistry Council (ACC) Board of Directors approved the addition of five new Manufacturing members and one Associate member at its November Board of Directors meeting today. The Board also approved two new Responsible Care^® Partners.

“As challenges and opportunities grow, so does the value that ACC can deliver to our members,” said ACC President and CEO, Chris Jahn. “With every new member, we help create a stronger, more unified voice for the U.S. business of chemistry. At the same time, we advance the commitment we share to continuous performance improvement under Responsible Care—which is good for the environment, good for our customers, and good for the bottom line.”

The Manufacturing members approved are:

• Alpek Polyester, USA LLC, a global leader in the production of PTA (Purified Terephthalic Acid), PET (Polyethylene Terephthalate) resins, PET recycling (rPET), specialty polymers, and polyester fibers. This integrated business services customers all over the world using its global network of manufacturing entities.
• CarbonFree Holdings, LLC, a producer of sustainable, essential chemicals from circular raw materials — minerals without mining. Its patented SkyCycle™ technology captures CO₂ from industrial point sources and combines it with calcium derived from steel slag to create pure, carbon-negative calcium carbonate for use in paints, plastics, food, and pharmaceutical products.
• Nexus Circular LLC, leading commercial pyrolysis-based advanced recycler. The company utilizes a proprietary technology and patented process to convert landfill-bound plastics into high-quality materials for global companies who use them to create new circular plastics and other products, displacing fossil-based resources to support their sustainability commitments.
• Symrise AG, a producer of flavorings, fragrances, and cosmetic ingredients for a wide range of manufacturers in the food, beverage, personal care, and pharmaceutical industries. Its products are mainly derived, either from green chemical synthesis or from natural raw materials such as vanilla, fruits, vegetable and flowers.
• Teleos Ag Solutions, Inc., the exclusive, global provider of 1,3-Dichloropropene (sold under the brand name TELONE™) by Teleos and is a subsidiary of TriCal Soil Solutions, leveraging over 50 years of experience in soil fumigation and soil health.

The new Associate member is:

• Alvarez and Marsal, which provides business performance, improvement and turnaround advisory management services to catapult growth and accelerate results.

The Responsible Care partners approved are:

• Continental Tank Lines, a specialized chemical product transporter with over 35 years of experience serving customers domestically and internationally.
• Circle Logistics, a freight broker providing logistics solutions to a wide array of customers in the continental United States, Canada, and Mexico across all modes of transportation (dry van, flatbed, reefer, expedite, oversize and air).

ACC’s Responsible Care Partner program extends Responsible Care’s ethic of safety and sustainability to organizations in the chemical supply chain, including logistics, transportation and distribution, among others. Partners adhere to the same Responsible Care commitments as ACC Manufacturing Members.

Learn more about ACC membership.

“We don’t feel the pressure to do any M&A whatsoever … We have amazing opportunities in every one of our businesses, we have scale in everything that we do,” he said in an interview.

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The U.S. Federal Reserve removed a $1.95 trillion asset cap on Wells Fargo in June, removing a major penalty for the bank’s fake-accounts scandal and opening the door to growth.

Scharf noted the bank will use the new room on its balance sheet that now exceeds $2 trillion in assets.

“We now can grow our checking accounts, we can grow deposits alongside that, we can grow the rest of our lending products … literally every one of the businesses we have plans to grow utilize the balance sheet,” he said.

Scharf has previously said he aims for Wells Fargo to become the top U.S. consumer and small business bank and wealth manager, as well as a top-five U.S. investment bank.

Analysts and investors expect Wells Fargo to move swiftly on its expansion plans under Scharf, who took charge in 2019, months after the bank’s fake-accounts scandal drew public outrage and billions of dollars in fines.

“We think (our future) is going to be extremely bright, with or without something that’s inorganic,” he said.

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Reading a person’s mind using a recording of their brain activity sounds futuristic, but it’s now one step closer to reality. A new technique called ‘mind captioning’ generates descriptive sentences of what a person is seeing or picturing in their mind using a read-out of their brain activity, with impressive accuracy.

The technique, described in a paper published today in Science Advances¹, also offers clues for how the brain represents the world before thoughts are put into words. And it might be able to help people with language difficulties, such as those caused by strokes, to better communicate.

The model predicts what a person is looking at “with a lot of detail”, says Alex Huth, a computational neuroscientist at the University of California, Berkeley. “This is hard to do. It’s surprising you can get that much detail.”

Scan and predict

Researchers have been able to accurately predict what a person is seeing or hearing using their brain activity for more than a decade. But decoding the brain’s interpretation of complex content, such as short videos or abstract shapes, has proved to be more difficult.

Previous attempts have identified only key words that describe what a person saw rather than the complete context, which might include the subject of a video and actions that occur in it, says Tomoyasu Horikawa, a computational neuroscientist at NTT Communication Science Laboratories in Kanagawa, Japan. Other attempts have used artificial intelligence (AI) models that can create sentence structure themselves, making it difficult to know whether the description was actually represented in the brain, he adds.

Horikawa’s method first used a deep-language AI model to analyse the text captions of more than 2,000 videos, turning each one into a unique numerical ‘meaning signature’. A separate AI tool was then trained on six participants’ brain scans and learnt to find the brain-activity patterns that matched each meaning signature while the participants watched the videos.

The rise of brain-reading technology: what you need to know

Once trained, this brain decoder could read a new brain scan from a person watching a video and predict the meaning signature. Then, a different AI text generator would search for a sentence that comes closest to the meaning signature decoded from the individual’s brain.

Tesla shareholders could soon give CEO Elon Musk, already the wealthiest person on the planet, the chance to become the world’s first trillionaire – or risk him walking away entirely.

Musk’s new pay package is the key measure that will be up for a vote at Tesla’s annual meeting Thursday afternoon. Shareholders have widely approved Musk’s pay packages in the past, but this year holds an added risk – the company warned in September that Musk “raised the possibility that he may pursue other interests” should it be denied.

The compensation would come in the form of a stock grant that would give Musk as much as 423.7 million additional shares of Tesla stock over the next 10 years. Those shares would be worth about $1 trillion, assuming the company reaches the $8.5 trillion market cap needed to have Musk qualify for the full potential payout.

In addition to increasing the Tesla’s market cap over this ten-year period, Tesla would also need to achieve a series of either operational or financial targets for him to get the full options.

For Tesla to reach $8.5 trillion in market value, it would need an increase of 466% from today’s stock price. That’s also about 70% higher than the world’s most valuable company, Nvidia, which hit a record $5 trillion market cap last week.

However the company has had rocky financial performance so far this year that saw sales and profits plunge in the first half of the year, and strong financial headwinds going forward from the loss of US government support for EV sales.

But Musk and Tesla executives dismiss those problems, saying Tesla is shifting focus from merely selling electric vehicles to selling self-driving cars, including a fleet of “robotaxis,” as well as humanoid robots.

Those products and concepts are still under development and haven’t gone on sale, however. So even if the pay package passes, it’s not certain that Musk will ever see any of its potential hundreds of millions of shares. He will need to straighten out the problems the company faces first, and start living up the big promises that he’s made for the future.

But Musk, as well as some Wall Street analysts and investors, think that the company is on course to reach that $8.5 trillion target and beyond, by shifting focus from merely selling electric vehicles to selling self-driving cars as well as humanoid robots as well as rides in a fleet of “robotaxis.”

Still, Musk’s fans insist he is pivotal to the future, which makes them more certain the package needs to pass.

“Shareholders are going to support this overwhelmingly, because Musk is the key asset for Tesla,” said Dan Ives, analyst for Wedbush Securities and one of the biggest Tesla bulls on Wall Street. “Tesla needs Musk to take it into the autonomous driving, robotic future.”

Even those who don’t support Musk’s vision say they have little doubt the pay package will pass. In the most recent vote on his pay, 84% of shares were voted to approve the package.

“I think it passes no matter what,” said Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management, who was an early major shareholder of Tesla, but is now a harsh critic of Musk and the company.

Gerber describes some of the operational and financial targets tied to the pay package as “softball.” He also questions the size of the pay package, no matter how well the company and its stock price might do going forward.

“So if you get a trillion dollars over 10 years, that’s $275 million a day,” he said, calculating how much Musk would earn daily, on average, if the package pays off as planned.

“I just don’t know in the world anybody thinks of that as fair to shareholders,” he said.

Numerous investment funds have already announced they’re voting against the package, including Norges Bank Investment Management, which is Norway’s massive sovereign wealth fund. Some US public pension funds in California, New York, and elsewhere have also come out against the package and urged others to vote no. Some of those have voted no in the past.

Influential advisory firms Glass Lewis and ISS have also recommended that institutional investors vote against the package, arguing that the options that Musk could be granted would dilute shareholders’ stakes.

“The performance targets included in the (Musk’s proposed pay package) are in many cases vague, undemanding, and subject to significant discretion by the board,” said Glass Lewis in a note that recommends voting against the package.

Musk attacked both firms during Tesla’s recent investor call, calling them “corporate terrorists.” He added that their influence over some investor firms that hold shares and vote is the reason he needs a greater stake in the company.

“It’s not like I’m going to go spend the money,” Musk said on the call. “There needs to be enough voting control to give (me) a strong influence – but not so much that I can’t be fired if I go insane.”

Exports of Australian gas carry “substantial risks” of slowing the move to cleaner energy in Asian countries, according to a confidential report for the Western Australian government that undermines the government’s own narrative that the industry helps cut global emissions.

The warning in the 2024 report by consultants Deloitte challenges the claim made by the Western Australian premier, Roger Cook, in 2023 that his state’s increased greenhouse pollution, largely driven by the vast amount of gas burnt to liquefy gas for export, is justified because it is good for the climate and displaces coal power in Asia.

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WA is the only state without a 2030 emissions-reduction target and is also the only state producing more carbon pollution now than in 2005, the benchmark year for the Paris agreement.

Greens WA upper house member Sophie McNeill, who has pushed for the report’s release, said it exposed the WA Labor government’s spin.

“Despite paying Deloitte more than $400,000, the Cook government did not get the narrative they wanted because it is simply not true,” she said.

“No wonder they’ve been hiding it from the public for almost a year.”

Gas has “significant potential” as an intermediate energy source as economies move from using coal and oil to renewable energy, according to the December 2024 report marked “Cabinet in Confidence” obtained by the Guardian and the ABC.

However, gas exports to Asia could also slow investments in renewable energy.

“These risks must be carefully managed to ensure natural gas serves as a true bridge fuel rather than a long-term dependency that hinders progress toward decarbonisation goals,” Deloitte concluded.

Deloitte sees a diminishing role for gas in Australia’s traditional markets of Japan, South Korea and Taiwan. There, consumption must start declining in the 2030s and be just 20% of current levels by 2050 for global warming to be limited to 1.5C.

However, the global consultancy concluded that a growing use of gas for the next 15 years in China, India and Indonesia, followed by a substantial fall in the 2040s, is consistent with climate goals.

Thomas Houlie, an analyst with research organisation Climate Analytics, who has reviewed the report, doubts that increased gas use – which requires billions of dollars for gas import terminals, pipelines and gas-fired power stations – would decline so quickly.

“There is no way to politically guarantee that a fossil fuel like LNG will only be used in the short term, particularly given the lead time it takes to get it up and running,” he said.

“Ultimately, it benefits an industry that can develop these projects and then apply political pressure to cement them in.”

The Japanese government is financing gas production, transportation, and use projects across Asia in a “market-making role” to “enhance Japan’s trade influence and generate commercial opportunities for Japanese firms,” according to Deloitte.

Controversially, Japanese companies resell about a third of the gas they buy from Australia, reaping more than $1bn in profit in 2024.

Deloitte listed Woodside, Chevron, oil and gas lobby group Australian Energy Producers, four Japanese companies with investments in Australian gas projects, and Taiwan’s Ministry of Economic Affairs as key contributors to the study.

According to separate freedom of information documents obtained by WA climate researcher Piers Verstegen, Cook was briefed on the report to prepare for a meeting to “discuss energy diplomacy issues raised by the study”.

He appears to have used the report in March when he told the Guardian that WA “turning off gas” would lead to Asian buyers turning to coal or gas from Russia and the United States.

Deloitte reached that conclusion by assuming that all WA gas exports would cease in 2031, a scenario that Houlie said was irrelevant, arbitrary and extremely unlikely.

The global consultancy also calculated the emissions savings if all gas exported from WA were used to displace coal.

Houlie said it was a false equivalence. “Gas being slightly less climate-harming than the worst fuel doesn’t make it a ‘transition fuel’, especially when we have cost-effective alternatives like solar and wind,” he said.

In a statement, Cook said the draft report by Deloitte was being considered by cabinet. He said it outlined how WA gas was “playing an important role in Asia’s transition to net zero”.

The premier said on a recent trip to Japan he promoted WA’s role in that country’s energy transition through the supply of LNG, ammonia made with gas and carbon capture and storage, and green fuels “when they become commercially available”.

“With limited space to deliver onshore and offshore renewables, coupled with massive energy demand, Japan relies on its trusted trading partners to provide secure, affordable and lower carbon energy,” Cook said.