Lucid Motors will go public as a result of the merger. The capitalization of the final company is estimated at $ 64 billion

Electric car maker Lucid Motors announced yesterday that it has agreed to go public through a merger with Churchill Capital IV Corp (CCIV).

Churchill Capital IV Corp is classified as a Special-purpose acquisition company (SPAC), created specifically for mergers with other companies for listing them, bypassing the IPO procedure.

The $ 11.75 billion deal, including a $ 2.1 billion CCIV cash contribution and a $ 2.5 billion private investment through Saudi Arabia’s public investment fund, will create a company with an estimated market capitalization of approximately $ 64 billion. … For comparison: General Motors is worth about $ 76 billion.

Lucid said it plans to begin production and deliveries of the first model, the Lucid Air luxury sedan, which starts at $ 77,400, in the second half of this year. The company previously promised to begin deliveries in the spring of 2021. The release will be established at the Lucid plant in Arizona. It is planned to ship 20,000 electric vehicles in 2022 and 251,000 in 2026, including new models.

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