Tesla rival Lucid goes public

Sandra Loyd

Tesla’s rival, Lucid Motors, will go public after merging with listed company Churchill Capital IV, with a combined market capitalization of $ 11.75 billion. The Financial Times reported on Tuesday that the majority owner of California-based startup Lucid is the Saudi Sovereign Wealth Fund (PIF).

Former Tesla CEO back in 2007 as Atieva Lucit Motors, founded by the company, currently has about 2,000 employees and is using the proceeds from the share issue to expand its Arizona plant. In addition, a total of approximately $ 2.5 billion will be provided for development by the Saudi Sovereign Wealth Fund, U.S. investment firm BlackRock and fund manager Fidelity.

CEO and Chief Technology Officer of the merged company Lucid and Churchill. remains Peter Rawlinson, who was one of the leaders of Lotus and Tesla. He was also the chief engineer of the Tesla Model S, MTI wrote.

Several other Tesla executives, including Eric Bach, director of Tesla’s former engineering office, or Peter Hochholdinger,

Lucid has announced that it will start manufacturing and selling the Lucid Air luxury sedan in North America in the second half of the year at its Arizona plant instead of the previously planned spring. it will cost 77 thousand 400 dollars (about 22.9 million forints) and can cover 805 kilometers with one embankment. The vehicle manufacturer plans to deliver 20,000 cars in 2022, which will increase to 251,000 per year by 2026 and expand the product range by then.

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