Lucid Motors has begun trading today on the Nasdaq stock exchange as Lucid Group under the new ticker symbol “LCID” after completing a merger with Churchill Capital Corp IV.
Lucid completed the previously announced merger with Churchill Capital Corp IV on July 23, 2021.
The company said the transaction brings in $4.4bn, which the company plans to use to accelerate its growth and increase manufacturing capacity to capitalize on expected demand.
Lucid will be ringing the opening bell at Nasdaq on July 26 to celebrate the company’s public listing.
“Lucid’s mission is to truly mass industrialize electric cars and electric powertrain systems through the development of the most advanced technology imaginable,” said Peter Rawlinson, CEO and CTO, Lucid Group. “Lucid Air represents the next generation of EVs and creates new standards for interior comfort, range, efficiency and power. We are on track to meet our projected deliveries for the next two years, and we look forward to delighting our customers around the world with the best electric vehicles ever created.”
Michael S. Klein, Chairman and CEO of Churchill Capital Corp IV, prior to the business combination, said: “Lucid has industry-leading technology, clear demand for its products, and is on track to deliver revenue-generating cars to customers in the second half of this year. We are excited to support Lucid’s transition into a public company and confident in its ability to address unmet needs in the automotive industry, which is moving towards electrification at a rapid pace and on a global scale.”
Lucid recently passed 11,000 paid reservations for Lucid Air, including the fully reserved Dream Edition, the Grand Touring edition, and both Touring and Pure versions. The company is now currently producing Lucid Air at its factory in Arizona and conducting quality validation checks as a precursor to customer deliveries, it says.
Lucid Group’s new board of directors looks like this:
- Peter Rawlinson, CEO & CTO, Lucid Group
- Andrew Liveris, Chairman of the Board, formerly Chairman and CEO of The Dow Chemical Company
- Turqi Alnowaiser, Deputy Governor and Head of the International Investments Division, Public Investment Fund of the Kingdom of Saudi Arabia
- Glenn R. August, Founder and CEO Oak Hill Advisors, L.P.
- Nancy Gioia, Executive Chairman, Blue Current, Inc.
- Frank Lindenberg, former CFO, Mercedes-Benz Cars and Mercedes-Benz AG
- Nichelle Maynard-Elliott, Director, Element Solutions, Inc.
- Tony Posawatz, President & CEO, Invictus iCAR
- Janet S. Wong, Partner (retired), KPMG LLP