![]() ![]() It’s also expanding an Arizona factory where it plans to eventually produce about 365,000 vehicles annually. ![]() The Silicon Valley-based company says it expects to ramp up deliveries of the Air in the second half of 2021. The model boasts an estimated battery range of 500 miles and can go from zero to 60 MPH in less than 2.5 seconds. Lucid said going public will help speed up its growth as it works to launch its electric Lucid Air luxury sedan this year. The new price of Tesla’s Model S is based on sex and pot jokes The PIPE investment was made at a per-share price of $15 - well below where Churchill’s stock was trading before the merger was made official.Ĭhurchill “believes that Lucid’s superior and proven technology backed by clear demand for a sustainable make Lucid a highly attractive investment for Churchill Capital Corp IV shareholders, many of whom have an increased focus on sustainability,” Klein said in a statement. That includes $2.1 billion in cash from Churchill and $2.5 billion in private investment in public equity, or PIPE, financing from investors led by Saudi Arabia’s Public Investment Fund. The deal will provide Lucid with a $4.6 billion investment valuing the company at about $24 billion. ![]() The Monday announcement followed swirling speculation about the tie-up that pushed Churchill’s shares as high as $64.86 last week, more than six times higher than where it started trading in September. after confirming its roughly $12 billion merger with Lucid. Shares of a blank-check company that’s set to merge with electric-car maker Lucid Motors tumbled Tuesday after it inked a deal to take the Tesla rival public.Ĭhurchill Capital Corp IV - a special purpose acquisition company, or SPAC, backed by former Citigroup banker Michael Klein - saw its stock price drop 32 percent to $38.78 as of 8:57 a.m. Sean Hannity sounds alarm on new electric vehicles phasing out AM radio: A ‘direct hit’ to conservativesīiden pitches strict emissions rules to make most cars electric by 2032 Tesla bonus cuts at Shanghai plant spark fury, as one tweet begs Elon Musk’s mom Maye for helpīiden’s electric-car mandates slam the working class and boost China ![]()
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