Photo: Lucid Motors / Instagram
It was early February when the Newark, California-based startup (with an Arizona factory to rival the Tesla Giga in Nevada) revealed it was in talks with Churchill Capital Corp IV for a proposed merger. The deal is now complete, and the little EV maker has graduated to full company adulthood with its debut on Nasdaq as Lucid Group, Inc., under the new ticker symbol “LCID.”
Although most Tesla rivals have proved full vaporware material so far, it’s a different story with Lucid, although it hasn’t been all roses for this new competitor either. Things are now looking brighter for the near future, as the luxury EV maker has become a publicly listed company trading on the Nasdaq Global Select Market with Class A common stock and public warrants (the latter under the ticker symbol “LCIDW”).
More importantly, the transaction has brought to the company vaults no less than $4.4 billion – with help from the previously announced merger with Churchill Capital Corp IV that became complete on July 23rd, 2021. Interestingly, that very same day another popular EV startup, Rivian, announced the wrap-up of its latest privately funded investment round worth no less than $2.5 billion, with Ford (again) among the interested parties.
As far as the Lucid Air premium EV sedan is concerned, the company revealed it has more than 11k paid reservations. It’s not that much, but also not very few either – considering the $161,500 asking price of the Air Dream Edition, for example. Down the road, the company plans to increase manufacturing capacity and is on track to fulfill its promise to deliver the first Air examples sometime during the second half of the year.
Moving forward, Peter Rawlinson – Lucid's CEO – has also announced that his company will “add 2.7 million square feet of additional space at our greenfield factory in Arizona. This will allow us to add a separate line for our Project Gravity electric SUV even as we accelerate its development.” As such, it shouldn’t take long until the automaker unveils a second model line to also rival the Tesla Model X SUV.
More importantly, the transaction has brought to the company vaults no less than $4.4 billion – with help from the previously announced merger with Churchill Capital Corp IV that became complete on July 23rd, 2021. Interestingly, that very same day another popular EV startup, Rivian, announced the wrap-up of its latest privately funded investment round worth no less than $2.5 billion, with Ford (again) among the interested parties.
As far as the Lucid Air premium EV sedan is concerned, the company revealed it has more than 11k paid reservations. It’s not that much, but also not very few either – considering the $161,500 asking price of the Air Dream Edition, for example. Down the road, the company plans to increase manufacturing capacity and is on track to fulfill its promise to deliver the first Air examples sometime during the second half of the year.
Moving forward, Peter Rawlinson – Lucid's CEO – has also announced that his company will “add 2.7 million square feet of additional space at our greenfield factory in Arizona. This will allow us to add a separate line for our Project Gravity electric SUV even as we accelerate its development.” As such, it shouldn’t take long until the automaker unveils a second model line to also rival the Tesla Model X SUV.
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