News – USA – Lucid Motors goes public in a SPAC deal that valued the company at $ 24 billion

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The young electric vehicle company Lucid Motors Inc has agreed to go public by partnering with the special purpose vehicle Churchill Capital Corp IV in one of the largest deals that a SPAC was involved in, the companies said on Monday

The deal would raise $ 4 billion to the Bay Area-based automaker and $ 24 billion to Lucid, a huge sum for a company that has not yet started production of its first car

Lucid CEO Peter Rawlinson said the company will go public to “accelerate into the next phase of our growth.” The company plans to begin shipping its first car, an all-electric one, in the second half of this year Super luxury sedan called Air worth 169$ 000″

Churchill stock investors have even higher hopes The stock, which was trading around $ 40 after close of trading on Monday, implied a valuation of more than $ 65 billion for Lucid, which is comparable to General Motors Co’s market cap, which posted a pre-tax profit of $ 9 billion last year on sales of approx 68 million vehicles worldwide

The deal demonstrates the extraordinary appetite of stock investors for SPACs, especially when it comes to electric vehicles amid the rising value of Tesla Inc.Over the past year, investors have moved into startups in the industry and started new companies like Fisker Inc Raised hundreds of millions of dollars and Lordstown Motors Corp – Startups that have announced that they will go public when they have dozens of employees and have not yet had any income

Lucid Motors, Special-Purpose Acquisition Company, Stocks, Electric Vehicles, Finance

News – United States – Lucid Motors is under SPAC deal valued at $ 24 billion to go public

Source: https://www.wsj.com/articles/lucid-motors-set-to-go-public-in-spac-deal-that-values-company-at-24-billion-11614042170