Tesla rivaling luxury electric vehicle maker Lucid Motors to go public

Lucid Motor has agreed to go public by merging with blank-check firm Churchill Capital IV Corp.After the price announcement of the Lucid sedan, Elon M
...
Lucid Air sedan's claimed range of 832 kms on single charge is better than even Tesla cars.
Lucid Air sedan's claimed range of 832 kms on single charge is better than even Tesla cars.

Lucid Motor, luxury electric vehicle maker and a rival to Tesla on Monday announced that it has agreed 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.

Also Read : This Tesla rival may build factory in one of the biggest oil-producing country

Lucid Motor, headed by an ex-Tesla engineer, is the latest EV firm to tap the initial public offering market since investors are flooding the EV sector, motivated by the expansion of Tesla and tightening noose around the traditional cars due to the emissions regulations in Europe and elsewhere.

Also check these Vehicles

Find more Cars
Tesla Model S (HT Auto photo)
UPCOMING
BatteryCapacity Icon75 kWh Range Icon396 km
₹70 Lakhs - 1 Cr
View Details
Tesla Model 3 (HT Auto photo)
UPCOMING
BatteryCapacity Icon82kWh Range Icon 555 km
₹ 70 - 90 Lakhs
View Details
Ola Electric S1 Air (HT Auto photo)
BatteryCapacity Icon3 kWh Range Icon101 km
₹ 1.20 Lakhs
Compare
View Offers
Force Motors Gurkha (HT Auto photo)
Engine Icon2596.0 cc FuelType IconDiesel
₹ 13.59 Lakhs
Compare
View Offers
Mean Metal Motors Azani (HT Auto photo)
UPCOMING
BatteryCapacity Icon120 Kwh Range Icon700 km
₹ 88 - 90 Lakhs
View Details
Force Motors Gurkha 5 Door (HT Auto photo)
UPCOMING
Engine Icon2596 cc FuelType IconDiesel
₹ 16 Lakhs
View Details

Other market rivals to Tesla and Lucid Motor went public through mergers with so-called special purpose acquisition companies (SPACs) in 2020. While some deals such as Nikola have given up short-term gains, others such as Fisker have delivered considerably well.

Lucid announced that it is planning to start production and deliveries of Lucid Air (its first luxury sedan) in North America in the second half of 2021. The plans have been delayed by some time as the EV maker has previously announced plans to start deliveries in the spring of 2021.

The company also aims to deliver 20,000 vehicles in 2022 and 251,000 in 2026 by adding other models like an electric SUV. It plans to add manufacturing at its plant in Arizona. The Lucid Air electric sedan has a starting price of $77,400 and is slated to be the first to achieve a 500-mile (805 km) driving range.

Also Read : SPAC boom propels untested electric carmakers to public markets

After the price announcement of the Lucid sedan, Elon Musk lowered the price of its flagship Model S. "The gauntlet has been thrown down!" he tweeted.

First Published Date: 23 Feb 2021, 12:32 PM IST
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.