Lucid Motors is going public before it starts selling EVs


The Lucid Air electric luxury sedan is scheduled to go on sale later this year, but first the EV startup will merge with an already-NYSE listed special purpose acquisition company so it can go public. The deal with Churchill Capital Corp IV (CCIV) will value the company at over $11 billion, and give it as much as $4.4 billion in cash. Other electric vehicle companies like Nikola and Fisker used the same process to go public last year, and Faraday Future announced an arrangement of its own last month.

Lucid Motors had already received significant investments from Saudi Arabia's Public Investment Fund, which the Wall Street Journal notes funded construction of an assembly plant in Arizona. Reports of the merger/IPO have circulated for weeks, driving up share prices of Churchill, which plunged after the deal was officially announced.

In a statement announcing the deal, Lucid CEO Peter Rawlin said:


More Related News

Joby Aviation takes flight into the public markets via a SPAC merger
Joby Aviation takes flight into the public markets via a SPAC merger

Joby Aviation, a startup that has spent a more than a decade developing an all-electric, vertical take-off and landing passenger aircraft, will become a public company through a merger with Reinvent Technology Partners, a special purpose acquisition company from well-known investor and LinkedIn co-founder Reid Hoffman. The combined company, which will be listed on the New York Stock Exchange, will have a pro forma implied valuation of $6.6 billion. Through the deal, Joby is capturing $1.6 billion in cash proceeds - $690 million of which will come from Reinvent's cash in trust and an $835 million from private investors The Baupost Group, funds and accounts managed by BlackRock, Fidelity...

Hong Kong
Hong Kong's Richest Property Tycoon Plans U.S. SPAC

(Bloomberg) -- Li Ka-shing, Hong Kong's richest property tycoon, is planning to raise funds for dealmaking by listing a special purpose acquisition company...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Economy