U.S. electric vehicle (EV) makerLucid Motors will go public through a merger with a special purpose acquisition company (SPAC) founded by investment banker Michael Klein. The shareholder value after the merger is estimated to be 24 billion dollars (about 2.52 trillion yen).
Although Lucid is not comparable to Tesla, which leads the EV market, it is in a position to aim for a corner of the rapidly growing market due to listing. The approximately $ 4.4 billion in cash raised through the merger will be used to bring products to market and expand the Arizona plant.
The investment boom continues for EV start-ups and next-generation automotive technology suppliers, and Lucid will follow suit. The rapid growth of Tesla shares over the past year is behind this investment boom.
Original title:Lucid Motors Agrees to Go Public With $24 Billion Valuation (2)(Excerpt)