Tesla rivaling luxury electric vehicle maker Lucid Motors to go public

Lucid Motor, luxury electric vehicle maker and a rival to Tesla on Monday introduced that it has agreed to go public by merging with blank-check agency Churchill Capital IV Corp. The cope with the blank-check agency valued the mixed company at $11.75 billion.

(Also Read: This Tesla rival could build manufacturing facility in one of many greatest oil-producing nation)

Lucid Motor, headed by an ex-Tesla engineer, is the newest EV agency to faucet the preliminary public providing market since buyers are flooding the EV sector, motivated by the enlargement of Tesla and tightening noose across the conventional vehicles due to the emissions laws in Europe and elsewhere.

Other market rivals to Tesla and Lucid Motor went public by means of mergers with so-called particular goal acquisition corporations (SPACs) in 2020. While some offers resembling Nikola have given up short-term positive factors, others resembling Fisker have delivered significantly properly.

Lucid introduced that it’s planning to begin manufacturing and deliveries of Lucid Air (its first luxury sedan) in North America within the second half of 2021. The plans have been delayed by a while because the EV maker has beforehand introduced plans to begin deliveries within the spring of 2021.

The company additionally goals to ship 20,000 autos in 2022 and 251,000 in 2026 by including different fashions like an electric SUV. It plans to add manufacturing at its plant in Arizona. The Lucid Air electric sedan has a beginning value of $77,400 and is slated to be the primary to obtain a 500-mile (805 km) driving vary.

(Also Read: SPAC growth propels untested electric carmakers to public markets)

After the value announcement of the Lucid sedan, Elon Musk lowered the value of its flagship Model S. “The gauntlet has been thrown down!” he tweeted.

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