The US electric car manufacturer Lucid Motors dares to take the plunge with the Churchill Capital IV stock market jacket. The Tesla competitor will be merged with the already listed company shell Churchill Capital IV, announced Lucid Motors on Monday.
The combined company will be valued at $ 11.75 billion.
The deal includes a $ 2.5 billion investment by the Saudi Arabian state fund Public Investment Fund (PIF) and funds managed by the world’s largest asset manager Blackrock, among others. This is expected to give Lucid $ 4.6 billion in revenue.
Behind the “Special Purpose Acquisition Company” Churchill Capital IV is the former Citigroup banker Michael Klein. Lucid was founded in 2007 by former Tesla manager Bernard Tse and entrepreneur Sam Weng. The California-based electric car maker announced in August that it would launch its first luxury e-model, Lucid Air, earlier this year. With a range of around 800 kilometers (500 miles), the sedan outperforms comparable electric cars, the company announced. (Reuters)