Lucid says it wants to start production of its luxury sedan, the Lucid Air, in the second half of this year. The California-based company builds the cars at its Arizona plant. Lucid currently has about 2000 employees and there are another 3000 to be added before the end of this year.
Rawlinson has regularly said that Lucid is not a direct competitor of Tesla, because his company focuses more on the more expensive segment of the electric car market. Tesla, he says, focuses more on mass sales.
Lucid’s market value is $ 24 billion. The IPO is conducted through a merger of Lucid with the empty shell of Churchill Capital IV. In addition, there is a capital injection from investors. Lucid wants to use the proceeds to expand its production capacity.
Churchill Capital V, a so-called special purpose acquisition company or ‘spac’, comes from the sleeve of the Wall Street banker Michael Klein. With a spac, money is raised to take over a company, which then gets a stock exchange listing. One of the early investors in Lucid is the Saudi state investment fund. That state fund is now investing more money in Lucid.
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Tesla rival Lucid Motors goes public | Financial
Source link Tesla rival Lucid Motors goes public | Financial