The maker of electric cars Lucid Motors, a rival of Tesla, gets a stock market listing in New York. Founded in 2007, Lucid is led by Peter Rawlinson, a former Tesla engineer.
Lucid says it wants to start producing his lux sedan, the Lucid Air, in the second half of this year. The California-based company builds the cars at its Arizona plant. At present, Lucid has about 2000 employees and 3000 more must be added by the end of this year.
Rawlinson has stated on several occasions that Lucid is not a direct competitor of Tesla, as his company focuses more on the more expensive segment of the electric car market and Tesla focuses more on mass sales.
Lucid’s market value is $ 24 billion. The IPO is a merger of Lucid with the empty stock exchange shell Churchill Capital IV. In addition, there is a capital injection from investors. With the proceeds, Lucid wants to expand his production capacity.
Churchill Capital V, A so-called Special purpose Acquisition company or ‘space’, comes from the case of Wall Street banker Michael Klein. With a money is raised to take over a company, which then gets a stock market listing. One of the early investors in Lucid is the Saudi sovereign wealth fund. That state fund is now putting money back into Lucid.