Electric vehicle startup raises $4 billion in SPAC offering to compete against Tesla
CNN
Luxury electric vehicle startup Lucid Motors went public after a merger with "blank-check" firm Churchill Capital Corp IV, in the largest deal yet between a SPAC and an electric car company.
The deal left the company with a market capitalization of $9.17 billion, as of this writing, and will give more than $4 billion in cash to Lucid Motors. The transaction will be used to expand Lucid's Arizona factory, the company said, which it eventually expects to be capable of producing 365,000 vehicles a year.More Related News