Electric Vehicle firm Lucid Motors to go public with $24 Billion valuation
Lucid Motors , The American automotive company and an electric vehicle start-up has agreed to go public in a $24 billion deal with a blank cheque company run by Michael Klein who was a veteran deal maker.
The deal between California-based Lucid, Churchill Capital Corp IV and Newark
Is the largest in a series of such tie-ups Involving Electric Vehicle companies.
The electric vehicle start-up, with its majority owned by Saudi Arabia’s sovereign wealth fund.
It will club with Churchill Capital IV, Klein’s special purpose acquisition companies.
The senior team of Lucid is majorly drawn from Elon Musk’s electric vehicle pioneer,
which includes Tesla’s former director of engineering, Eric Bach;
Peter Hochholdinger, a Tesla vice-president of production for three years and Peter HasenKamp, who had led the procurement for the Model S.
The company will receive the amount raised by Churchill Capital IV and $2.5 billion from investors.
Which is led by Saudi Arabia’s public investment fund, along with fidelity, BlackRock and others.
Electric Vehicle firm Lucid Motors to go public with $24 Billion valuation
“Lucid’s superior and proven technology backed by clear demand for a sustainable EV make Lucid,”
“A highly attractive investment for Churchill Capital Corp IV shareholders,”
“many of whom have an increased focus on sustainability.”
The current deal will help Lucid to generate about $4.4 billion in cash for expanding the company including its current factory in Arizona.
The electric vehicle company announced that the production version of AIR previous autumn,
Stating that it would be able to out perform Tesla’s highest grade model on several criteria’s including the range.
The deal includes a total investment of about $4.6 billion. It is being funded by $2.1 billion in cash from the company CCIV.
A $2.5 billion fully committed PIPE at $15 per share by Saudi Arabia’s sovereign wealth fund as well as funds and accounts managed by BlackRock, Fidelity and others.
