Lucid Motors goes to change into a publicly-traded firm on the New York Inventory Trade in a deal that may go away the electrical car startup with $4.4 billion in money. The California startup, which is majority-owned by Saudi Arabia’s sovereign wealth fund, plans to begin delivery its first luxurious electrical car — the Air sedan — later this yr. An electrical SUV is slated to comply with in 2023.
Very similar to many different startups within the automotive house have executed over the previous yr, Lucid Motors is skipping the normal path to changing into a publicly-traded firm and is as an alternative merging with a special purpose acquisition company, or SPAC. Particularly, Lucid Motors is merging with Churchill Capital Corp IV, which is already listed on the NYSE. Bloomberg first reported that Lucid Motors and Churchill — which is run by investor Michael Klein, who has architected offers for Saudi Arabia previously — were in talks back in January.
Led by Peter Rawlinson, a former Tesla engineer who helped carry the Mannequin S to life, Lucid Motors was based means again in 2007 as Atieva. It was initially centered on battery know-how, however finally pivoted into changing into an electrical car startup a couple of years in the past. It has since grown to greater than 2,000 workers.