Will this make Lucid Motors a serious Tesla rival? The Lucid Air, the company’s first vehicle, is showing great promise.
The luxury electric car manufacturer Lucid Motors, led by Peter Rawlinson, is listed on NASDAQ. As is now common practice, the company is going public through a business combination with an already listed company. Society is a partner Churchill Capital Corp IV (NYSE: CCIV). It is the largest SPAC deal of its kind to date. The process, which is expected to be completed in the second quarter of 2021, will bring $ 4.4 billion into the carmaker’s coffers – to become a Tesla rival?
Peter Rawlinson – a key figure at Tesla years ago – will continue to lead Lucid along with the rest of the company’s seasoned leadership team. Churchill’s leadership team and group of operational partners will actively facilitate key launches and relationships, and provide product, design and industry insights.
Lucid goes public to accelerate the next phase of growth as it works towards the launch of the new all-electric luxury sedan Lucid Air in 2021, followed by the high-performance luxury SUV Gravity in 2023.
Lucid is headquartered in the heart of Silicon Valley in Newark, California, and benefits greatly from California’s forward-thinking, innovation-centric business environment.
By fundamentally rethinking the design of electric cars, the company claims it has achieved “industry-leading powertrain efficiency and new levels of performance”. Of course, this has to prove itself in everyday life with the Lucid Air in the future. The company has gained experience in racing, where it has already tested and improved battery technology.
CCIV believes that Lucid’s superior and proven technology, supported by the clear demand for sustainable EVs, makes Lucid an extremely attractive investment for Churchill Capital Corp IV shareholders, many of whom have an increased focus on sustainability. We look forward to working with Peter and the rest of the Lucid leadership team
Michael Klein, Chairman and CEO of CCIV
Lucid’s growth is expected to benefit the communities in which the company operates, particularly California, where the company is headquartered, and Arizona, where the company built its vehicle manufacturing from the ground up, as well as its in-house EV powertrain Production facility. In addition, Lucid has already opened its own retail locations in California and Florida and will continue to expand its retail and service presence in the United States through 2021.
The financing from the transaction will also be used to expand our production facility in Arizona, which is the first greenfield electric vehicle production facility in North America and is already being used for the pre-production of the Lucid Air.
Peter Rawlinson, CEO and CTO of Lucid
The Arizona facility is to be expanded in three phases over the coming years and is designed to produce around 365,000 units per year on a large scale.
Lucid currently employs nearly 2,000 people in the U.S. and plans to continue growing rapidly to support the company’s expansion, with an expected addition of 3,000 domestic employees by the end of 2022.
In 2018, Lucid Motors was in turmoil and financial difficulties. Only the entry of a fund from Saudi Arabia, which invested more than a billion in the company, was able to secure further development. To this day, there is speculation about the construction of another car factory in Saudi Arabia.