The Californian electric car manufacturer Lucid Motors is now listed on the stock exchange as LCID after a SPAC deal with Churchill Capital IV (CCIV). The share price rose significantly on the first day of trading on Nasdaq.
The plans for the IPO had been announced by the company led by ex-Tesla engineer Peter Rawlinson in February. According to the announcements at the time, the merger with SPAC Churchill Capital and the listing were to raise a total of 4.4 billion dollars (equivalent to 3.6 billion euros). SPACs are investment firms set up precisely for the purpose of merging with another company, hence the name “special-purchase acquisition company” (SPAC).
On the first day of trading on the Nasdaq technology exchange, the share price of Lucid Group Inc, as the merged company is officially called, rose by up to eleven per cent. By the way, Lucid’s ticker symbol is LCID. The largest investor is still the Saudi sovereign wealth fund PIF, which had joined Lucid in 2018.
“Lucid’s mission is to truly mass industrialize electric cars and electric powertrain systems through the development of the most advanced technology imaginable,” said Peter Rawlinson, CEO and CTO of Lucid Group. “Lucid Air represents the next generation of EVs and creates new standards for interior comfort, range, efficiency and power. We are on track to meet our projected deliveries for the next two years, and we look forward to delighting our customers around the world with the best electric vehicles ever created.”
As a listed company, Lucid now has greater access to fresh capital, but it must also now meet the expectations placed on it. Deliveries of the first model, the Air electric sedan, are scheduled to start in North America later this year – after delays due to the Corona pandemic, among other things.
After that, deliveries are to continue at a brisk pace: As Roberto Russo, Country Manager Germany, stated last week in an interview with electrive, Lucid wants to start deliveries in Germany and other European markets as early as the beginning of 2022. The vehicles will be built at the company’s own plant in Casa Grande in the US state of Arizona.
After the Air sedan, the electric SUV ‘Gravity’ will also be built there. The Gravity is based on the same platform specially developed by Lucid as the Air. Further data on the SUV are not yet known, but we have summarised all data on the Air here.
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