Saturday, May 15, 2021
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

Updated 2022 Volkswagen Tiguan Arrives In The Fall

New front and rear fascias line it up with the Atlas and Atlas Cross Sport. The cabin also gains a few tasteful upgrades. It’s...

Infiniti And Stellantis Cut Output Amid Ongoing Chip Shortage

Stellantis will cut the second shift at the Jeep Cherokee plant. Infiniti will suspend the production of the QX50. The global chip shortage is...

Mercedes-Maybach S 680 Goes Live On Brand’s Russian Site

Just a day after first official pics appeared Ultra-lux S Class starts from 28m rubles Technical details about the Mercedes-Maybach S 680 have leaked,...

Volkswagen Will Have Autonomous ID. Buzz On The Road By 2025

The Level 4 autonomous microbus will transport people and stuff. The self-driving technology is developed with Argo AI. Volkswagen and Argo AI, in an...

Electric Ford F-150 Lightning Strikes Next Week

First all-EV F-150 reveal happens May 19 Electric version of best-selling pickup could be next-level for EVs Ford's first-ever all-electric F-150 will be revealed...
Matt St-Pierre
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.