Lucid Motors, Inc., an American-based luxury automotive company specializing in electric cars based in Newark, has announced that it is all set to go public by merging with blank-check firm Churchill Capital IV Corp. The deal with the blank-check firm valued the combined company at $11.75 billion. As its launching the latest EV cars at an affordable price, lucid Motor, headed by an ex-Tesla engineer, has become a fierce rival for Tesla.
The company's initial public offering is being flooded with investors. This has motivated the firm to take a step ahead and expand its public offering strategy and tightening noose around the traditional cars due to the new emission policy and regulations in Europe. The Lucid Air Sedan has a starting price of $77,400 and will be the first electric vehicle to achieve a 500-mile driving range.
Lucid Motors has also stated that it is planning to start producing and delivering its first-ever luxury sedan – Lucid Air, in North America in the second half of 2021. The firm is also aiming to deliver 20,000 electric vehicles in the US by 2022. And 251,000 vehicles by 2026 by adding innovative and spectacular models like an electric SUV. It also plans to add manufacturing plants in Arizona.