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Luxury EV startup Lucid Motors going public via SPAC, immediately delays production, stock dips 30%

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Luxury EV startup Lucid Motors going public via SPAC, immediately delays production, stock dips 30%

This morning Lucid Motor confirmed they’re going public via a sexy just a few intention acquisition firm (SPAC). Small print in the investor deck, linked to the deal in the meanwhile are public and we uncover that production for the auto has now been delayed except the 2nd half of 2021.

This update in production timeline comes at a surely uncommon time, given pre-SPAC, Lucid committed to ‘first deliveries expected in early 2021’.

Early Newspaper

For a firm that is pre-income, however talking a immense game, a delay in production of their first automobile, is a immense deal and the timing undoubtedly casts doubt on their honesty with investors and investors.

Treasure many EV choices, the most costly model, The Air Dream Model regularly is the first to market, starting at US$161,500. Their with the extra moderately priced model, the Air Pure (US$69,900) doesn’t to find a production date, and after this day’s trends, is a ways extra unsure.

Lucid made waves after they presented their luxury automobile provided some impressive figures, treasure 9.9 2nd quarter mile times and an EPA fluctuate of up to 517 miles (832km).

Regarding their independent ambitions, the firm will spend a 32 sensors array (together with LIDAR) to provide stage 2 driver assists. The firm expects to introduce Level 3 ability in about 3 years after the first autos are delivered.

SPACs are a sizzling avenue for pre-income firm’s to dash public, which lets in companies to merge with a preserving firm, fending off many of the identical outdated costs and complexities of a used IPO. On this merger, Lucid will combine with Churchill Capital Corp IV ($CCIV).

The deal has a transaction equity price of $11.75 billion, and at $15 a share implies a valuation of $24 billion. The deepest funding in a public equity deal, identified as a PIPE, and money from Churchill will provide roughly $4.4 billion in total funding to Lucid, the events reported.

Procuring and selling at a excessive of US$63.20 this day, the $CCIV stock has now dipped extra than 30% in after hours shopping and selling, presently at US$40 at the time of writing.

Up to now, no one commence air Lucid has pushed a Lucid Air, however there are quite loads of videos online of them driving for the length of making an strive out. The firm moreover has an electrical SUV planned for 2023 and in the funding deck, revealled they’ve pretty just a few autos planned beneath the heading of 2030.

Treasure Tesla, the Lucid Motors does narrate that they’re starting with excessive stop autos, however will regularly function in the direction of extra moderately priced, better volume autos.

It’s likely you’ll well per chance perhaps stare Simranpal Singh atomize down the investor relation presentation on YouTube below.

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Luxury EV startup Lucid Motors going public via SPAC, immediately delays production, stock dips 30%

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