Lucid motors stock symbol4/20/2023 It is being funded by $2.1 billion in cash from CCIV and a $2.5 billion fully committed PIPE at $15 per share by Saudi Arabia's sovereign wealth fund as well as funds and accounts managed by BlackRock, Fidelity and others.Ĭorrection: This article has been updated to correct the equity value of the deal. The deal includes a total investment of about $4.6 billion. domestically by the end of 2022, according to the company. 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. Lucid Inc (LCDX) 0.0024 0.00 (0.00) 9:30 EST LCDX Stock Quote Delayed 30 Minutes Price Area Volume: Previous Close - Market Cap - PE Ratio - EPS - Volume (Avg. Lucid Group Inc is a technology and automotive company. He is expected to continue in those roles, according to the companies. Information on stock, financials, earnings, subsidiaries, investors. 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. 24 CEO Rawlinson announced Lucids intention to produce its Project Gravity SUV by 2023, then offer a competitor to Teslas Model 3 by 2024 or 2025. "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." In February 2021, Lucid Motors announced a deal valued at US11.75 billion to merge with Churchill Capital Corp IV, a publicly traded special-purpose acquisition company (SPAC). 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 I will continue to add more shares to sell. Personal Loans for 580 Credit Score or Lower CCIV stock has performed well since its acquisition of Lucid Motors. Best Debt Consolidation Loans for Bad Credit
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