Lucid Motors strikes SPAC deal to go public with $24 billion valuation - TechCrunch

Lucid Motors reached an agreement to become a publicly traded company through a merger with special-purpose acquisition company Churchill Capital IV Corp, in the largest deal yet between a blank-check company and electric vehicle startup. .

The company plans to begin production and deliveries of the Lucid Air in North America in the second half of this year.

The deal will also help Lucid realize its vision to supply electric vehicle technologies to third parties such as other automotive manufacturers as well as offer energy storage solutions in the residential, commercial and utility segments, Rawlinson said.

Scaling an electric vehicle company is not cheap or easy.

That investor ended up being Saudi Arabia’s sovereign wealth fund, which agreed in September 2018 to invest $1 billion into Lucid Motors.

The early research, development and eventual progress in the components and overall electric architecture would lay the critical ground work for the future Lucid, which emerged at the end of 2016 with new publicly stated purpose to make electric vehicles (although the company had already been working quietly at this for a couple of years).