![]() Lucid Motors is planning to raise $4.6 billion through the merger, including $2.1 million from CCIV and another $2.5 billion from fully committed (PIPE). The merger between Lucid Motors and Churchill involves the ever largest special purpose acquisition company (SPAC) related common stock private investment in public equity PIPE. However, he remained relatively optimistic about the future in his May 25 th interview, affirming that 20,000 units next year is “realistic.” Unfortunately, Lucid has fallen behind its planned schedule (Lucid Motors produced only 577 cars in 2021), and Rawlinson acknowledged that “here’s always gonna be weak links when you’ve got an international supply base of notionally around 250 suppliers”. With more funds, Lucid plans to expand its manufacturing facilities and expect the annual productivity of 365,000 vehicles in the coming years. Lucid’s manufacturing base for Lucid Air, AMP-1, has an annual production capacity of around 34,000 vehicles. Its first product, Lucid air, starting from $69,000, was notable for its 2.5 seconds 0-to 60 times. Its CEO and CTO, Peter Rawlinson, was once the vice president and chief engineer for Model S at Tesla before he assumed leadership at Lucid Motor, a rising competitor of Tesla. ![]() is American electrical vehicle manufacture focusing on the luxury cars market, the employers of nearly 2,000 American workers. As Lucid and CCIV planned to complete the merger in the second quarter of 2021 (April 1 st – June 30th), we should be expecting to hear about the merging soon. Merger with CCIV would allow Lucid to raise capital like a public company, bolstering the development and marketing of Lucid’s first luxury electrical vehicle, Lucid Air. Such mergers have become a popular alternatives for companies looking to go public, with over 200 SPAC deals collectively raising more than $70 billion in equity last year.On February 22 nd, 2021, Lucid Motors announced its proposed merger with Churchill Capital Corp IV (NYSE: CCIV), combing at a transaction equity value equals to $11.75 billion. SPACs are shell companies which raise money through an IPO to take another company public within two years. Los Angeles-based EV firm Faraday Future Inc also announced a deal with a blank-check company to go public earlier this year.įounded in 2007 by former Tesla Inc executive Bernard Tse and entrepreneur Sam Weng as Atieva Inc, Lucid had received initial funding from Chinese technology company LeEco, which is controlled by Faraday Future founder Jia Yueting.Ĭhurchill capital Corp IV, the fourth special purpose acquisition company (SPAC) backed by former Citigroup Inc banker Michael Klein, went public in a $1.8 billion initial public offering (IPO) in July last year. It was last year that other EV makers such as Nikola Corp and Fisker Inc went public through mergers with blank-check firms. ![]() He tweeted, “The gauntlet has been thrown down!” But it would come down to $69,900 as customers may be eligible for a federal tax credit of $7,500.Īfter the luxury electric sedan was priced, Tesla Chief Executive Elon Musk had in October last year announced a cut in the price of Model S Sedan. Lucid Air has a starting price of $77,400. The electric sedan would be the first to achieve a 500-mile driving range, the company said. The California-based EV maker had said in August that it aims to start selling its first luxury model, Lucid Air, early this year. It is expected to provide Lucid with $4.6 billion in proceeds. ![]() The deal with Churchill Capital IV Corp includes a private investment of $2.5 billion from Saudi Arabia’s Public Investment Fund, funds managed by BlackRock and others. (Reuters) – Lucid Motors on Monday agreed to go public by merging with Churchill Capital IV Corp, a blank-check firm backed by Wall Street dealmaker and former Citigroup banker Michael Klein, in a deal that valued the combined company at $11.75 billion.
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