On the evening of February 22, 2021, Lucid, the US electric vehicle brand, announced its merger and listing with Churchill Capital Corp IV (NYSE: CCIV), a special-purpose acquisition company (SPAC) that has recently become popular in the US stock market.
This transaction will give Lucid $4.4 billion in cash. Lucid plans to use these funds to invest in and expand its factory in Arizona, USA, in order to accelerate its production plan. Currently, Lucid’s largest shareholder is the Public Investment Fund of Saudi Arabia, which has invested a total of $2 billion in Lucid.
Lucid, with British CEO Peter Rawlinson, is positioned in the high-end market. Rawlinson was previously the chief engineer of the Tesla Model S and has also served as chief engineer at Lotus and Jaguar.
Last fall, Lucid unveiled its first model, the Lucid Air. The Air, expected to be launched in the spring of 2021, is a high-performance executive four-door sedan. The battery pack with a maximum capacity of 113 kWh supports a range of 832 km, while the highest-performance model can output 1080 hp.
🔗Source: Bloomberg
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