Lucid Air Electric Luxury sedan is will be ready for sale this year, but first, the EV startup will merge with an already NYSE listed special purpose acquisition company so it can go public. The contract with Churchill Capital Corp IV (CCIV) will value the company at over $11 billion, and give it as much as $4.4 billion in cash. Lucid has announced how much it’ll cost for (us normal) folks to buy its new EV, with the base model Air setting you back $77,400. Naturally, that price will fall to $69,900.
For a starting price of $87,500 (before the EV tax credit is applied), you’ll get a dual 620 horsepower motor, an all-wheel-drive edition with the same 406 miles of range, and three years of complimentary charging.
In a statement announcing the deal, Lucid CEO Peter Rawlin said:
“Lucid is going public to accelerate into the next phase of our growth as we work towards the launch of our new pure-electric luxury sedan, Lucid Air, in 2021 followed by our Gravity performance luxury SUV in 2023. Financing from the transaction will also be used to support the expansion of our manufacturing facility in Arizona, which is the first greenfield purpose-built EV manufacturing facility in North America, and is already operational for pre-production builds of the Lucid Air…this transaction further enables the realization of our vision to supply Lucid’s advanced EV technologies to third parties such as other automotive manufacturers as well as offer energy storage solutions in the residential, commercial and utility segments.”