Summary List Placement
Somewhere out there, there’s a graveyard of Tesla rivals — metal skeletons of electric cars that tried and failed to challenge Elon Musk.
Lucid Motors probably would’ve been one of them, had it not been for Saudi Arabia.
After struggling for years, Lucid Motors was saved by a $1.3 billion investment from Saudi Arabia’s sovereign wealth fund in 2019. The huge sum gave the Saudi fund a 67% stake in the company, according to Wired Middle East.
Flash forward to today and Lucid Motors is set to go public with the largest-ever SPAC deal, pocketing $4.4 billion at a valuation of $24 billion. It will increase Saudi Arabia’s ownership to 85%, according to the company’s investor presentation.
Lucid Motors announced late Monday that it will merge with Churchill Capital Corp IV, the SPAC run by investor Michael Klein. It’s the latest in the SPAC craze, which has been a popular option among electric car companies such as Nikola and Fisker. Investors in Churchill Capital Corp IV include Millennium, Citadel, and Blackstone.
Although there’s been a boom of electric vehicle startups in the last few years, it’s proven difficult and costly to turn pipe dream designs into viable models. Lucid Motors, however, …read more
Source:: Businessinsider – Tech