Shares of CCIV rose 8.4% to close at $57.37 in New York on Monday. and NEW YORK, J/PRNewswire/ - Churchill Capital Corp IV ('Churchill IV' or 'CCIV') (NYSE: CCIV), a publicly traded special purpose acquisition company, and Lucid Motors today announced the completion of their business combination, taking public a company that is setting new standards with its advanced luxury EVs. Rawlison has said the company, which has about 2,000 employees currently, is also in talks to build the first auto plant in Saudi Arabia to makes its electric sedans and crossovers. CEO Rawlinson announced Lucids intention to produce its Project Gravity SUV by 2023, then offer a competitor to Teslas Model 3 by 2024 or 2025.
Saudi Arabia’s PIF is Lucid’s biggest investor, pouring $1.3 billion into the Silicon Valley-based company in 2018 that helped get the first phase of the Arizona plant built. Lucid Motors and its upcoming merger with special-purpose acquisition company (SPAC) Churchill Capital IV (NYSE: CCIV) has been an epic saga over the past couple of months. In February 2021, Lucid Motors announced a deal valued at US11.75 billion to merge with Churchill Capital Corp IV, a publicly traded special-purpose acquisition company (SPAC). Rawlinson also says the car will have the most efficient battery pack and electric motor on the market. The “Dream” edition of the Air arrives in the second half of 2021 (slightly later than Rawlinson’s earlier target of spring 2021) and will likely surpass the current top-of-the range Model S with an industry-leading 517 miles per charge, faster recharging and ability to go from 0 mph to 60 mph in just over 2 seconds. (For more on Lucid and Peter Rawlinson, see Elon Musk’s Ex-Chief Engineer Creates A New Car-And Says It Beats Tesla ) Building cars takes real money, and thats exactly what electric vehicle (EV) startup Lucid Motors will have if shareholders agree to its business combination with Churchill Capital Corp. This allows investors to buy stocks even if the price of their individual shares is extremely high, such as is the case with companies like Berkshire. Churchill Capital Shares On The Move On Lucid Motors Merger. We are pleased to partner with Peter and the rest of Lucid's leadership team as it delivers the highly anticipated Lucid Air to market later this year, promising significant disruption to the EV market and creating thousands of jobs across the U.S." Lucid Motors and Churchill Capital Corp IV have announced that they have combined after an overwhelming vote by shareholders that supported the merger between the two. Lucid Motors at the time of writing their risk factors I have implied the risk factors based on what I wrote on Tesla Risk Factors.
The company’s “superior and proven technology backed by clear demand for a sustainable EV make Lucid a highly attractive investment for Churchill Capital Corp IV shareholders, many of whom have an increased focus on sustainability,” CCIV CEO and chairman Michael Klein said in a statement.
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