Luxury electric vehicle maker Lucid Motors on Monday agreed to go public by merging with blank-check firm Churchill Capital IV Corp in a deal that valued the combined company at US$11.75 billion, Reuters reports. Other prominent players in the sector went public through mergers with so-called special purpose acquisition companies (SPACs) last year. While some deals such as Fisker have delivered well, others such as Nikola have given up short-term gains. Lucid said it is on track to start production and deliveries in North America in the second half of this year with Lucid Air, its first luxury sedan. With a starting price of US$77,400, the sedan is slated to be the first to achieve a 500-mile (805 km) driving range.

Source: The Standard February 23, 2021 02:37 UTC