Friday, September 30, 2022
News Lucid Motors To Go Public With $24 Billion Valuation

Lucid Motors To Go Public With $24 Billion Valuation

Lucid Motors is sitting pretty thanks to investors hungry for EV start-up company deals


  • A merger with a financier has boosted Lucid’s value.

  • The Lucid Air arrives in the second half of 2021.


We’ve reported many times on Lucid Motors in 2020 mostly on their soon-to-arrive Air premium electric sedan. This round belongs to the news that they are merging with Churchill Capital Corp IV. Their combined public valuation is set at $24 billion.

The highlight for Lucid is that this merger will generate roughly $4.5 billion in cash. These funds will be used to bring vehicles to market and expand its factory in Casa Grande, Arizona according to Forbes.

Lucid Air | Photo: Lucid

The Lucid Air was initially expected this spring however that launch date has been pushed back to the second half of 2021. Even so, the new funds will quickly ramp up operations. Lucid CEO Peter Rawlinson said: “I really believe we’ve got the tech to pose competition (to Tesla) which is healthy. This gives us a very secure runway into 2023, to get the factory ready for the advent of Gravity and is giving us an absolute path to accelerate our trajectory.”

In time, Lucid expects to be able to build 365,000 vehicles per year. Part of this plan will include the introduction of a new mid-$40,000 model which should arrive in the next three to five years.

The stakes are high and competition with Tesla should be fierce. Even though Lucid states that Tesla is not a direct competitor, the upcoming Air luxury sedan sports specs that surpass even the top-line Model S’ numbers. Clearly, Tesla was a target or, at the very least, a benchmark.

Lucid Air | Photo: Lucid

Trending Now

The 2023 Mitsubishi Outlander PHEV Will Deliver 61 km of EV Range

This will be possible thanks to its 20kWh lithium-ion battery pack. The total system power is 248hp and 332 lb/ft of torque. It feels...

The New Lamborghini Urus S Gets 666hp

This Urus needs only 3.5 seconds to reach 100km/h from a standstill. The engine tune is borrowed from the Urus Performante. Ultimate super SUV...

The Subaru Baja is a Rarity and a Future Classic

This one is for sale on Brig a Trailer. It features the desirable turbocharged 2.5L flat-4. We’re going to end this week on a...

Porsche Could be Working on a Three-Row Electric SUV

This model would be positioned above the Cayenne in the automaker’s lineup Descriptions of this model say it could be part-sedan, part crossover ...

Cadillac Lyriq: Deliveries are Paused due to a Recall

The Infotainment screen can fail to boot up in some circumstances. The problem will be fixed by a software update, but owners will...
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.