Lucid says that the listing brought in $4.4 billion, which it plans to utilise to boost expansion and production capacity.
The firm announced that it has received more than 11,000 paid reservations for its Lucid Air electric car, which will be ready by the end of 2021. According to CEO Peter Rawlinson, the launch was initially scheduled for 2020 but was postponed due to Covid-19 concerns.
The firm announced that it has received more than 11,000 paid reservations for its Lucid Air electric car
According to reports, the Air will have a single-charge range of more than 500 miles, beating out the current market leader, Tesla’s Model S, which has a range of roughly 400 miles.
Lucid Motors has gone public as Lucid Group, Inc., following a merger with Churchill Capital Corp IV, which was announced on 23 July. It will trade under the ticker ‘LCID’.
PIF controls more than 60% of LuciD
According to the Wall Street Journal, PIF controls more than 60% of Lucid. In 2018, the fund invested more than $1 billion in the company to assist it in establishing its production centre in Arizona, United States.
Talks regarding the creation of a Lucid factory in Saudi Arabia have taken place as part of a push to lure more high-tech jobs to the Kingdom, according to Bloomberg.