America based luxury electric vehicle manufacturer Lucid Motors says it has agreed to go public through a merger deal with Special Purpose Acquisition Company Churchill Capital IV Corp (CCIV). This merger deal will leave the combined company with a market valuation of $11.75 billion.
Lucid based in Newark, California is headed by a former engineer from leading electric car maker Tesla Inc. (TSLA) Peter Rawlinson. The decision by Lucid to go public comes at a time when investors are dashing to invest in electric vehicle sector since Europe and other continents have started making tough emissions rules.
Other upcoming electric vehicle manufacturers have been following the same route to go public. Electric vehicle company Fisker Inc. (FSR) went public last year through merger deal with a blank-check company.
Lucid announced that by the second half of the year it will start to production and deliveries of Lucid Air its first luxury sedan in North America.
Additionally, the company is aiming to start producing vehicles in its Arizona plant. Lucid aims to deliver over 20,000 electric vehicles in 2022 and 251,000 in 2026. The company is also looking into adding an electric sport utility vehicle in its models catalogue.