![]() The facility has been used for the pre-production builds of the Lucid Air luxury sedan. The company will use the proceeds from the deal for supporting the expansion of its manufacturing facility in Arizona. Rawlinson will continue in his present roles as CEO and CTO, post-merger. “Lucid is going public to accelerate into the next phase of our growth as we work towards the launch of our new pure-electric luxury sedan, Lucid Air, in 2021 followed by our Gravity performance luxury SUV in 2023.” Lucid Motors CEO and CTO Peter Rawlinson said: “Through a ground-up rethinking of how EVs are designed, our in-house-developed, race-proven technology and meticulous engineering have enabled industry-leading powertrain efficiency and new levels of performance. The PIPE investors include the Public Investment Fund (PIF), funds and accounts managed by BlackRock, Franklin Templeton, Fidelity Management & Research, Wellington Management, Neuberger Berman, and Winslow Capital Management. This is on the assumption that no existing CCIV shares are redeemed for cash at the time of closing the deal.Īccording to the parties, an investment of nearly $4.6bn is being funded by CCIV’s cash of around $2.1bn and a fully committed private investment in public equity (PIPE) of $2.5bn at $15 per share. It has a transaction equity value of $11.75bn and will give the enlarged luxury EV maker nearly $4.4bn in cash. The deal will enable Lucid Motors to become a public listed company. Lucid Motors, a US-based luxury electric vehicles (EV) manufacturer, has agreed to merge with Churchill Capital Corp IV (CCIV), a special purpose acquisition company (SPAC), in a deal that values the combined entity at around $24bn. Lucid Motors expects to launch the Lucid Air electric luxury sedan in 2021. It's $16.3 billion.The merger will enable Lucid Motors to go public, while giving nearly cash proceeds of nearly $4.4bn It is being funded by $2.1 billion in cash from CCIV and a $2.5 billion fully committed PIPE at $15 per share by Saudi Arabia's sovereign wealth fund as well as funds and accounts managed by BlackRock, Fidelity and others.Ĭorrection: This article has been updated to correct the equity value of the deal. The deal includes a total investment of about $4.6 billion. domestically by the end of 2022, according to the company. Lucid currently employs nearly 2,000 people, with 3,000 employees expected to be added in the U.S. Rawlinson expects the Air to be the catalyst for a lineup of future all-electric vehicles, including an SUV starting production in early 2023 and more affordable vehicles down the line. The new funding is expected to assist Lucid in its expansion plans. Lucid had some difficulty obtaining capital to fund its plans until September 2018 when it received $1 billion from Saudi Arabia's sovereign wealth fund. The company first focused on electric battery technology before changing its name and shifting to an electric vehicle manufacturer in 2016, three years after Rawlinson joined the company to lead its technology development. ![]() Lucid was founded in 2007 as Atieva, a name it now uses for its engineering and tech arm that supplies batteries to electric racing circuit Formula E. The combined company is expected to be listed on the New York Stock Exchange under the ticker "LCID" upon the closing of the deal. ![]() He is expected to continue in those roles, according to the companies. ![]() Rawlinson, an ex- Tesla engineering executive and automotive veteran, joined the company as chief technology officer in 2013 before adding CEO to his responsibilities in April 2019. "I think that this has enabled us to secure our future," Rawlinson said Tuesday morning on CNBC's "Squawk on the Street." "This means that we can accelerate our business model in a secure manner." The deal, which was announced Monday night, will generate about $4.4 billion in cash for expansion plans for Lucid, including its current factory in Arizona. Previous SPAC deals with EV start-ups such as Nikola, Fisker and Lordstown Motors garnered pro-forma valuations of less than $4 billion. The deal between Newark, California-based Lucid and Churchill is the largest in a series of such tie-ups involving EV companies and so-called blank-check firms. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
0 Comments
Leave a Reply. |