![]() Lucid currently employs nearly 2,000 people, with 3,000 employees expected to be added in the U.S. Rawlinson expects the Air to be the catalyst for a lineup of future all-electric vehicles, including an SUV starting production in early 2023 and more affordable vehicles down the line. The new funding is expected to assist Lucid in its expansion plans. Lucid had some difficulty obtaining capital to fund its plans until September 2018 when it received $1 billion from Saudi Arabia's sovereign wealth fund. The company first focused on electric battery technology before changing its name and shifting to an electric vehicle manufacturer in 2016, three years after Rawlinson joined the company to lead its technology development. Lucid was founded in 2007 as Atieva, a name it now uses for its engineering and tech arm that supplies batteries to electric racing circuit Formula E. ![]() The combined company is expected to be listed on the New York Stock Exchange under the ticker "LCID" upon the closing of the deal. He is expected to continue in those roles, according to the companies. Rawlinson, an ex- Tesla engineering executive and automotive veteran, joined the company as chief technology officer in 2013 before adding CEO to his responsibilities in April 2019. "I think that this has enabled us to secure our future," Rawlinson said Tuesday morning on CNBC's "Squawk on the Street." "This means that we can accelerate our business model in a secure manner." The deal, which was announced Monday night, will generate about $4.4 billion in cash for expansion plans for Lucid, including its current factory in Arizona. Previous SPAC deals with EV start-ups such as Nikola, Fisker and Lordstown Motors garnered pro-forma valuations of less than $4 billion. The deal between Newark, California-based Lucid and Churchill is the largest in a series of such tie-ups involving EV companies and so-called blank-check firms. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower The Lucid story is ongoing and will be updated and we learn more.Best Debt Consolidation Loans for Bad Credit Many of these companies are or are hoping to compete with Tesla, which is coincidentally under its own SEC investigation pertaining to solar panel fire risks. Stock of Lucid as well as other EV companies with approved SPACs fell today following the news. According to Reuters, the SEC had no comment on its action against Lucid or its merger with CCIV. Representatives for Lucid told Electrek the company has an official statement coming later today, which we will be sure to update you on. The Company is cooperating fully with the SEC in its review. Although there is no assurance as to the scope or outcome of this matter, the investigation appears to concern the business combination between the Company (f/k/a Churchill Capital Corp. (the ‘Company’) received a subpoena from the Securities and Exchange Commission (the ‘SEC’) requesting the production of certain documents related to an investigation by the SEC. A regulatory 8-K filing from Lucid dated December 6 states the following: received a request on December 3 from the SEC, for documents pertaining to its merger with CCIV. Air Dream Editions lined up and ready to test drive / Source: Lucid Motors Lucid joins SEC’s growing watch list following its CCIV SPAC mergerĪccording to a report by Reuters, Lucid Group Inc. Now, however, Lucid’s progress might be slowed a bit, as it works with the SEC during its investigation of the approved merger with CCIV. Since the CCIV merger, Lucid has remained focused on delivering all 520 of the promised Dream Editions, with three additional trims in its production queue. This includes Faraday Future, Fisker, Lordstown Motors, and Canoo (also under SEC investigation). ![]() Lucid’s SPAC merger with CCIV joined a growing number of other EV companies that took a similar approach. The merger was approved this past July, resulting in the companies joining the Nasdaq under the ticker symbol $LCID and combining for a pro-forma equity value of $24 billion. Prior to this launch, Lucid had confirmed speculated rumors that it would be entering into a Special Purpose Acquisition Company (SPAC) merger with CCIV, a blank check shell company founded by Michael Klein. Lucid Motors has quickly become one of the rising names in electric vehicles, having begun initial deliveries of its flagship vehicle, the Air Dream Edition, this past fall. relating to the investigation of its SPAC merger with Churchill Capital Corp. Regulators from the US Securities Exchange Commission (SEC) have requested documents from Lucid Group Inc.
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