Item 4.01 – Changes in Registrant’s Certifying Accountant
On May 26, 2023, following the conclusion of a
process managed by the Audit Committee of the Board of Directors (the “Board”) of Lucid Group, Inc. (the “Company”)
and effective June 17, 2023, the Audit Committee approved the appointment of KPMG LLP (“KPMG”) as the Company’s
independent registered public accounting firm beginning with the year ending December 31, 2023, subject to the completion of KPMG’s
customary client acceptance procedures and the execution of an engagement letter.
During the Company’s years ending December
31, 2022 and 2021 and through May 26, 2023, neither the Company, nor anyone on its behalf, consulted KPMG regarding either: (i) the application
of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered
on the Company’s financial statements; or (ii) any matter that was the subject of a “disagreement” (as that term is
defined in Item 304(a)(1)(iv) of Regulation S-K) or “reportable event” (as that term is defined in Item 304(a)(1)(v) of Regulation
S-K).
In connection with the appointment of KPMG, on
May 26, 2023, the Audit Committee dismissed Grant Thornton LLP (“Grant Thornton”) as the Company’s independent
registered public accounting firm effective immediately upon the effectiveness of the appointment of KPMG.
Grant Thornton has served as the Company’s
independent registered public accounting firm since the close of the merger with Churchill Capital Corp IV on July 23, 2021, and as the
independent registered public accounting firm of the Company’s predecessor, Atieva, Inc., since October 13, 2020.
During the years ended December 31, 2022 and 2021
and the subsequent interim period through May 26, 2023, there were no: (1) disagreements with Grant Thornton within the meaning of Item
304(a)(1)(iv) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended, or Regulation S-K, and the related
instructions thereto, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures,
which disagreements, if not resolved to their satisfaction, would have caused them to make reference in connection with their opinion
to the subject matter of the disagreement, or (2) reportable events under Item 304(a)(1)(v) of Regulation S-K and the related instructions
thereto.
The audit reports of Grant Thornton on the Company’s
consolidated financial statements as of and for the years ended December 31, 2022 and 2021 did not contain an adverse opinion or a disclaimer
of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.
The Company has provided Grant Thornton with a
copy of this Form 8-K prior to its filing with the Securities and Exchange Commission (“SEC”). The Company requested
Grant Thornton to furnish the Company with a letter addressed to the SEC stating whether or not Grant Thornton agrees with the above statements,
as required by Item 304(a)(3) of Regulation S-K. A copy of Grant Thornton’s letter is filed as Exhibit 16.1.
