Lucid Motors is taking advantage of the influx of initial investment in electric cars, driven by a rise in Tesla shares last year.
Luxury electric vehicle maker Lucid Motors has agreed to go public, joining Churchill Capital IV Corp. (CCIV) where the combined company’s value is estimated at $ 11.75 billion.
Lucid, led by former Tesla’s engineer Peter Rawlinson, is the latest in a string of companies to take advantage of an influx of investors in the electric vehicle sector through an initial public offering (IPO) initiated by the recent jump in Tesla shares. , and is stricter in terms of discharge regulations in Europe, reports “Reuters”, reports “Zeri.info”.
Shares of CCIV traded on the stock exchange fell nearly as much as a third to $ 40.35 in prolonged and volatile trading on Monday evening, bringing the market capitalization of the merged company to about $ 64 billion. By comparison, General Motors has a market capitalization of about $ 76 billion.
Lucid, which will produce vehicles at its Arizona plant, announces the delivery of 20,000 vehicles next year, after which it will increase the quantity to 251,000 vehicles by 2026 by adding other models such as electric SUVs.
With a starting price of $ 77,400, the Lucid Air sedan will be the first with a range of 805 kilometers with a single battery charge.
After Lucid set the price of his limousine, Tesla chief Elon Musk announced a price reduction for his flagship sedan – the Model S.voice