Lucid Motors, the luxury electric vehicle manufacturer slated to go public through a SPAC merger with Michael Klein’s Churchill Capital Corp IV (NYSE: CCIV), announced on Tuesday that production and deliveries will begin this year.
What happened was this: After a series of setbacks, CEO Peter Rawlinson told investors on a conference call that the EV maker has completed the pre-production phase and is on pace to begin production and deliveries in the second half of the year.
In order to fulfill demand, the California-based business aims to expand its plant and add a specialized production line for its next model, an electric SUV.
On July 22, Lucid shareholders will vote on the company’s IPO.
Also see: Lucid sees Tesla as a true competitor in the EV market’s “two-horse race”: CEO
Why Does It Matter? Lucid is one of a slew of electric vehicle startups that have gone public via the SPAC method, several of which have become embroiled in problems. Following SEC investigations, short-seller reports, or manufacturing delays, Canoo Inc (NASDAQ: GOEV), Nikola Corp (NASDAQ: NKLA), and Lordstown Motors (NASDAQ: RIDE) have all come under heavy investor scrutiny.
Rawlinson, a former Tesla Inc (NASDAQ: TSLA) engineer, claims that his company’s first all-electric Lucid Air luxury automobile has received over 10,000 ‘bona fide’ orders with suitable deposits, some of which are worth more than $7,000.
Price Changes: On Tuesday, CCIV shares fell 3.50 percent to $25.91.
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