Electric Vehicle Company Lucid Motors Enters New York Stock Exchange Through SPAC Merger

Lucid Air [Image source= Lucid Motors Twitter]

[Asia Economy Reporter Byunghee Park] The luxury electric vehicle manufacturer Lucid Motors is set to enter the New York stock market through a merger with a special purpose acquisition company (SPAC).

According to major foreign media, Lucid Motors plans to merge with Churchill Capital, a SPAC that entered the New York Stock Exchange last September. On the 22nd, Churchill Capital closed trading on the NYSE at $57.37, up 8.47% from the previous trading day. The market capitalization based on the closing price reached $148.4 billion. However, in after-hours trading, the price plunged 30.3% from the regular session closing price to $40.01. Churchill Capital was established last year by gathering funds from investors interested in the electric vehicle sector.

Lucid, founded in 2007, is an electric vehicle company headquartered in Newark, California. Its current CEO, Peter Rawlinson, is a former lead engineer at Tesla Motors and participated in the development of Tesla's first model, the Model S.

Lucid announced that it will begin production of its first sedan, the Lucid Air, in North America starting in the second half of this year and will also start delivering vehicles to customers.

Lucid plans to manufacture cars at its Arizona plant and aims to deliver 20,000 units next year. It also added that it plans to diversify its production lineup with models such as sport utility vehicles (SUVs) and aims to deliver 251,000 units by 2026.

Last year, electric vehicle companies Fisker and Nikola also entered the stock market through mergers with SPACs.

This content was produced with the assistance of AI translation services.