How much of Lucid’s revenue comes from haram?

Lucid earns its revenue primarily from developing and selling electric vehicles, electric vehicle powertrains and battery systems.

Practical Islamic Finance concludes:

None of Lucid’s revenue comes from anything inherently haram.

Does Lucid rely on interest to operate?

for period ended
Fiscal year
Fiscal year
Interest Income $205$476
Total Revenue$719$3,976$4,590
Interest Expense $111$64$8,547
Total Expenses$1,045,481$603,203$262,524
Interest Income / Revenue28.5%11.97%
Interest Expense / Total Expense0.01%0.01%3.26%
*Numbers in thousands, U.S. dollars

Practical Islamic Finance concludes:

Given the youth of Lucid Motors’ revenue with its vehicle deliveries starting in October 2021, its current interest income/revenue percentage doesn’t accurately represent the company’s natural reliance on interest to operate.

As a result, PIF is comfortable with Lucid’s level of reliance on interest given its planned business model doesn’t involve reliance on interest.

What is Lucid’s Environmental, Social, and Governance (ESG) impact?


Transportation is the largest contributor to U.S. greenhouse gas emissions, accounting for 29% of total emissions in 2019. According to MIT research, on average in the United States, an electric vehicle would emit about 200 grams of CO2 per mile, while combustion engine vehicles emit 275 grams of CO2 per mile. Moreover, the gap in carbon footprint continues to increase over time as electric vehicle makers become more efficient. 

From the above, PIF believes Lucid’s business, if successful, will have a fundamentally positive impact on the environment.


Lucid has an above-average Glassdoor rating of 3.9 out of 5 from over 200 current and previous employees compared to a 3.3 average for all other Glassdoor rated companies.


No notable governance highlights.

Practical Islamic Finance concludes:

Lucid has a net positive ESG impact.

Comfort Rating

From Lucid’s business, financial, and ESG reviews, Practical Islamic Finance rates Lucid stock as: 

Comfortable to invest in from a halal perspective.


Lucid Q3 2021 10-Q

Lucid S-1

Lucid 2020 10-K/A  

Lucid Motors Reviews | Glassdoor