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COMMON STOCK WARRANT LIABILITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
COMMON STOCK WARRANT LIABILITY COMMON STOCK WARRANT LIABILITY
On July 23, 2021, in connection with the merger, the Company effectively issued 44,350,000 Private Placement Warrants to purchase shares of Lucid’s common stock at an exercise price of $11.50. The Private Placement Warrants were initially recognized as a liability with a fair value of $812.0 million and was remeasured to a fair value of $53.7 million as of December 31, 2023. The Private Placement Warrants remained unexercised and were remeasured to a fair value of $19.5 million as of December 31, 2024. The Company recognized gains of $34.2 million, $86.9 million, and $1,254.2 million for the years ended December 31, 2024, 2023 and 2022, respectively, in the consolidated statements of operations and comprehensive loss.
The fair value of the Private Placement Warrants that are not subject to the contingent forfeiture provisions was estimated using a Black-Scholes option pricing model, and was as follows:

December 31, 2024December 31, 2023
Fair value of Private Placement Warrants per share
$0.44 $1.21 

Assumptions used in the Black-Scholes option pricing model take into account the contract terms as well as the quoted price of the Company’s common stock in an active market. The volatility is primarily based on the Company’s historical volatility. The expected life is based on the remaining contractual term of the warrants, and the risk-free interest rate is based on the implied yield available on U.S. Treasury securities with a maturity equivalent to the warrants’ expected life. The level 3 fair value inputs used in the Black-Scholes option pricing models were as follows:
December 31, 2024December 31, 2023
Volatility95.0 %85.0 %
Expected term (in years)1.62.6
Risk-free rate4.2 %4.1 %
Dividend yield— %— %