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As the domestic electric vehicle market in the United States continues to hit its stride and new competitors vie in the race to electrify, Lucid Motors has emerged as an ultra-luxury competitor to EV darling Tesla Motors.
This week, Lucid went public through a SPAC with Churchill Capital Corp IV, or special purpose acquisition company, one of the hottest trends on Wall Street, according to CNBC. This path allows Lucid to skip the traditional path to becoming a publicly-traded company by merging with Churchill which is already listed on the New York Stock Exchange.
As CNBC further explained:
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. Previous SPAC deals with EV start-ups such as Nikola, Fisker and Lordstown Motors garnered Pro-forma valuations of less than $4 billion.
Lucid’s market cap is just a small fraction of Tesla’s roughly $686 billion valuation, but that’s impressive for a luxury electric-vehicle maker who doesn’t yet have a car on the market. Rawlinson repeatedly stated that Lucid is not a direct competitor to Tesla because his company’s price point is beyond the mass-market buyers Elon Musk aspires to reach.
by Ashira Morris, ODP Staff Writer Right now, 95% of American public school buses run on diesel fuel, but that could soon change thanks to part of the Biden administration’s massive infrastructure proposal. The new Clean Buses for Kids Program would electrify at least 20% of the country’s iconic yellow school bus fleet. It would […]
by Amy Lupica, ODP Staff Writer In February, the governors of Pennsylvania, New York, New Jersey, and Delaware voted unanimously to ban fracking in the Delaware River Basin, but Republican-led lawsuits are seeking to stop this action. The ban prevented the natural gas industry from blasting up to 4,000 wells in the basin, serving a blow to the […]
Electric vehicles are an important part of meeting climate change action goals in addition to their potential to clean up air pollution, yet Americans have traditionally been apprehensive about purchasing them. That is until now. As Ben Geman wrote for Axios this week, “Even as gasoline-powered sales return from the pandemic, cars with plugs are […]
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