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Luxury Automobile: IPO of Tesla’s rival Lucid Motors

Luxury Automobile: IPO of Tesla’s rival Lucid Motors

Californian start-up Lucid Motors recently unveiled its intention to go public via a merger with a dedicated company, in other words, it will use the Spac (Special Purpose Acquisition Company) route, i.e. a company with no operational activity whose aim is to raise funds by entering a stock exchange.

 

“The transaction values Lucid at an initial pro-forma value of approximately $24 billion, and will bring in approximately $4.4 billion in cash,” the company said in a release.

 

The company was acquired by Churchill Capital Corp. IV, a Wall Street listed Spac. The latter is contributing 2.1 billion dollars, while 2.5 billion will be contributed by investors. The deal values Lucid Motors at $24 billion and should be closed in the second quarter.

 

“Lucid is going public to accelerate the next phase of our growth as we work towards the 2021 launch of our new all-electric luxury sedan, Lucid Air, to be followed by the 2023 launch of our luxury SUV, Gravity,” said Peter Rawlinson, CEO of Lucid Motors.

 

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With the funds, the company also wants to expand its factories in Arizona and hire an additional 3,000 employees by the end of 2022.

 

Read also > STOCK MARKET : TESLA FLIES AWAY FOR ITS FIRST FULL YEAR OF PROFITS

 

Featured Photo : © Lucid Motors

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