News – US – Lucid Motors electric vehicle startup goes public


Electric vehicle startup Lucid Motors is going public through merger with special purpose vehicle Churchill Capital Corp IV valued at $ 24 billion, the companies said on Monday

Why it matters: The high value of the transaction with the Blankoscheck company under the leadership of former Citi CEO Michael Klein underscores how well Lucid could be positioned in the growing market

If it were so: Investors in the business include the Saudi fund, as well as funds and accounts managed by BlackRock, Fidelity Management & Research LLC, Franklin Templeton, and others, the announcement says

What’s next? The announcement said the deal will bring Lucid $ 4 billion in revenue, which will be used to expand Lucid’s Arizona manufacturing facility, which Lucid plans to gradually expand

Xos Inc, an electric truck company that serves UPS as a customer, announced this morning that it is going public in a reverse merger with NextGen Acquisition Corp valued at $ 2 billion

Why It Matters: The California-based Xos deal is the latest in a wave of electric vehicle companies to go public through mergers with special purpose vehicles, signaling strong investor interest in the sector

Russia’s opponents in Central and Eastern Europe are concerned that President Biden is unwilling to fight hard to stop the Russian-German Nord Stream 2 gas pipeline – one of Vladimir Putin’s top priorities

Why it matters: The fight is the first significant test of whether Biden’s harsh rhetoric against the Russian leader will be reconciled with measures. Russian opponents fear that Biden will not antagonize Angela Merkel and will not cause serious costs to the Germans / p>
House Democratic leaders are tacitly campaigning for Shalanda Young, a longtime congressional assistant, to replace Neera Tanden as candidate for director of the Department of Administration and Budget, people familiar with the matter told Axios

Why It Matters: The emerging campaign for Young, who would be OMB’s first black female leader, reflects a stark reality creeping into the Democratic Party: Tanden’s prospects are rapidly dwindling

Lucid Motors, special-purpose acquisition company, Stock, Tesla, Inc, Electric vehicle

News – USA – Electric vehicle startup Lucid Motors goes public