Lucid Motors lands on Wall Street, stellar listing
Lucid Motors lands on Wall Street
Lucid Motors lands on the stock exchange with a valuation of 24 billion dollars, a figure inevitably higher than the estimate of 15 billion made previously. As anticipated in recent days by the American Bloomberg, following several negotiations, the American car manufacturer managed to make the merger public through a SPAC.It is no coincidence that the car manufacturer, which sees the Churchill Capital Corp IV fund involved in the operation with which it will start the merger, was valued at 24 billion dollars, thus exceeding the figure that some sources had hypothesized when there has been talk of the landing on Wall Street. In this regard, it is important to underline that Lucid Motors was the first company in the sector to receive support from the Saudi Arabian sovereign wealth fund. The fund, with total assets of $ 350 billion, has financed the company with approximately $ 1 billion with the clear intention of bringing the production of electric cars to their country.
We believe that superior technology and proven by Lucid, backed by a clear demand for sustainable electric cars, makes Lucid a particularly attractive investment for our shareholders, many of whom have shown a strong focus on sustainability. We are happy to partner with Peter Rawlinson and the Lucid team, which will debut on the market later this year with the prospect of creating thousands of new jobs in the United States, the president and CEO said in a statement. Churchill Capital Corp. IV delegate, Michael Klein.
However, with the stock exchange listing Lucid Motors is expected to receive approximately $ 4.4 billion which will be used to expand the Arizona factory from which the new Air will be released. The automaker's plans will see an optimization of production, which should reach 20,000 cars in 2022 and then reach a production of 250,000 cars in 2026.
There was no shortage of words of satisfaction from CEO, Peter Rawlinson:
We are proud to lead the transition to a new era of mobility. Thanks to a total rethinking of the design of electric vehicles, we have managed to obtain more efficient and performing vehicles. The stock market listing is a fundamental step to accelerate the process that will lead to the debut of our first model, the Air sedan.
With going public, the Newark-based company inevitably aims to give a hard time to its rival Tesla. However, we cannot underestimate the presence of Rivian, which has already been valued at 50 billion dollars.
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