Lucid Motors, another in the long line of challengers to Tesla’s electric vehicle throne, has successfully listed on the Nasdaq Global Select Market in a move that has brought in $US4.4 billion to fund new developments.
As we have seen with a number of new electric mobility companies in recent times, Lucid Motors’ pathway to listing publicly was through a merger with a special purpose acquisition company, or SPAC. In this case, Lucid Motors successfully merged with Churchill Capital Corp IV, and will now operate as Lucid Group.
The merger, which brought in $4.4 billion worth of new capital for the company to play with, is designed to accelerate the company’s growth and increase its manufacturing capacity to capitalise on existing and expected demand.
Lucid Group already has over 11,000 paid reservations for the Lucid Air, the company’s luxury electric vehicle which it launched back in September of 2020. The Saudi-backed Lucid Group expects to be able to begin delivering the first Lucid Air’s in the second half of 2021.
“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, 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.
In its first day of trading as a publicly listed company, Lucid Group saw its stock rise as much as 15%.
“Lucid has industry-leading technology, clear demand for its products, and is on track to deliver revenue-generating cars to customers in the second half of this year,” said Michael S. Klein, Chairman and CEO of Churchill Capital Corp IV, prior to the business combination.
Lucid Group now intends to embark on a new phase of its growth, starting by bringing the Lucid Air to market before expanding its line-up of vehicles, all of which will be based on the company’s proprietary electric powertrain technology.
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.