It’s been a subject of conversation for quite a while and therefore the big day will supposedly happen this coming week. Lucid Motors has announced that the Special Purpose Acquisition Company (SPAC) merger between it and Churchill Capital Corp IV has been approved by stockholders. Beginning sometime in the week, Lucid Motors will begin trading on the NASDAQ under the ticker symbol “LCID.” The EV automaker start-up announced last February its plans to travel public sometime within the last half of this year. It’s remained faithful its word. The deal is predicted to offer Lucid a cash injection of about $4.4 billion.
the cash is going to be invested to expand its Arizona factory in order that the Lucid Air luxury sedan can finally come to plug. The Lucid Gravity SUV could debut sometime in 2022. SPAC mergers are getting increasingly common. Fisker and Faraday Future both utilized this reverse-merger method as to how to boost sufficient capital through an IPO by merging with private companies. Those companies are then ready to acquire liquidity using the general public market. Tesla didn’t use the SPAC method when it went public back in 2010, but rather the normal method. Lucid previously claimed it might be worth the maximum amount as $24 billion, but we’ll have a more precise number during a few days.
Meanwhile, Lucid opened its Beverly Hills showroom last fall. The goal is to draw in wealthy customers who desire something more luxurious than the standard Tesla Model S. Customers can physically detect interior materials, colors, and other custom touches before placing their orders. Like Tesla, Lucid is utilizing the direct-to-consumer business model, so forget franchised dealerships. This obviously won’t sit well in many US states, as Tesla and Rivian have both learned. Lucid aims to line up a further 20 studio showrooms throughout North America by the top of this year, though time is running bent to meet this goal. The Lucid Air sedan carries a starting price of $87,500 after a $7,500 federal decrease. A top-of-the-line Lucid Air Grand Touring will set buyers back a minimum of $131,500.