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Tuesday, January 19, 2021

Lucid Motors Searching For Special Purpose Acquisition Company For $15 billion

Lucid Motors is an automotive company that specializes in creating electric-vehicles. It was founded in 2007 with a different name Atieva. Previously, the firm’s primary focus was to manufacture batteries for electric motors. The name shifted to Lucid in 2016. As confirmed in 2020, the firm is readying its first electric car. 

But the company is reportedly looking for a merger to open up to the public with. Michael Klein from Citigroup is undertaking the special-purpose acquisition. The value of the transaction could reach up to almost $15 billion. Lucid Motors is backed by the wealth fund of the sovereign of Saudi Arabia. They are in talks with several financial advisors. Although insiders report that it could all still not go as planned. 

Firms Looking To Acquire Lucid Motors:

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Several people have denied commenting further as the news is still private. But talks are in for Churchill Capital Corps’s investment in the electric vehicle company. Faraday Future is the other company looking to invest in Lucid Motors. 

Lucid Motors target luxury audiences with their products. Hence, it is common for a firm like LM to look for a Special Purpose Acquisition Company. But most such firms take such steps at the beginning of the firm’s term to raise capital. Lucid will become one of very few to raise more capital as an established entity. 

Their latest electric-charged Sedan is reported to be delivered in the 2nd quarter. The model is labeled as AIR EV. The vehicle is said to complete, on one charge, more than 500 miles. The car will be built in Arizona. Lucid Motors expressed its plans to manufacture much more affordable vehicles by the year 2022. 

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They are backed by Public Investment Fund and SA’s sovereign funds that have reportedly invested $1 billion.

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