Reportedly, luxury electric vehicle maker Lucid Motors has announced that it is going public by merging with blank-check or SPAC firm Churchill Capital IV Corp (CCIV) valuing the combined company at $11.75 billion. The deal with CCIV includes a private investment of $2.5 billion from Saudi Arabia’s Public Investment Fund, funds managed by BlackRock and others.
Lucid, run by an ex-Tesla engineer, is the latest firm to tap the initial public offering market, with investors rushing into the EV sector, by the rise of Tesla Inc and with emissions regulations toughening in Europe and elsewhere.
Lucid informed the markets that it plans to start production and deliveries in North America in the second half of this year with its first luxury sedan, Lucid Air. Lucid is seeking to build vehicles at its factory in Arizona and aims to deliver 20,000 vehicles in 2022 and 251,000 in 2026 including other models like an electric sport utility vehicle. The starting price stands at $77,400 and the sedan is slated to be the first to achieve a 500-mile driving range.
After Lucid revealed its price, Tesla chief Elon Musk declared a price cut to its flagship Model S sedan. “The gauntlet has been thrown down!” he tweeted.
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