Luxury electric vehicle maker Lucid Motors on Monday agreed to go public by merging with blank-check firm Churchill Capital IV Corp in a deal that valued the combined company at US$11.75 billion.
Lucid, run by an ex-Tesla engineer, is the latest firm to tap the initial public offering market, with investors rushing into the EV sector, spurred by the rise of Tesla Inc and with emissions regulations toughening in Europe and elsewhere.Other prominent players in the sector went public through mergers with so-called special purpose acquisition companies last year. While some deals such as Fisker have delivered well, others such as Nikola have given up short-term gains.
Lucid said it is on track to start production and deliveries in North America in the second half of this year with Lucid Air, its first luxury sedan. It had previously said it planned to start its deliveries in spring of 2021. After Lucid priced its sedan, Tesla chief Elon Musk announced a price cut to its flagship Model S sedan."The gauntlet has been thrown down!" he tweeted.
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