Lucid Motors is the most current EV firm to go general public as a result of a exclusive-goal acquisition company (SPAC) shell company in advance of delivering any autos.
The automaker on Monday announced designs for a “reverse merger” with Churchill Cash Corp IV, whose shares are now listed on the New York Inventory Exchange. A reverse merger is when a non-public company is taken about by a firm that’s presently publicly listed, in this circumstance a SPAC specially set up for that goal.
The deal will provide Lucid with about $4.4 billion in income, and values the corporation at $24 billion, according to a push release.
Peter Rawlinson, former head engineer of the Tesla Product S, will continue on as CEO and CTO. In a assertion, he mentioned funding from the transaction will go towards enlargement of Lucid’s Arizona manufacturing facility, as nicely as new organizations, such as power storage, and giving know-how to other automakers.
Output of the Lucid Air sedan is scheduled to start out afterwards this 12 months. It will to begin with be obtainable only in Dream Edition spec, with 1,080 horsepower, a 503-mile array, and a $169,000 foundation price. An $88,000 base product is scheduled to start in 2022.
Lucid strategies to abide by that up with an SUV it can be calling Task Gravity. Scheduled to start in 2023, it will ride on the same system as the Air. In a Q&A adhering to the late-2020 unveiling of the Air output model, Rawlinson promised a “beguiling vary of automobiles,” hinting that additional models are in the operates.
Lucid Undertaking Gravity – from video clip during Air debut
Various other EV startups have absent public about the earlier year as a result of reverse mergers with SPACs, as they look to elevate cash to enter the money-intense vehicle company. The record incorporates Nikola, Canoo, Fisker, and Lordstown Motors. Mullen Systems and Faraday Long term are taking into consideration SPAC reverse mergers as well.
The just one exception appears to be to be Rivian, which has by now lifted shut to $8 billion by means of a variety of funding rounds, together with $2.65 billion in a spherical that concluded earlier this year. The startup plans to launch its R1T electric pickup truck and R1S electric SUV afterwards this year.