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Tech & Science Lucid Motors goes public and takes $ 4.4 billion.

12:05  23 february  2021
12:05  23 february  2021 Source:   t3n.de

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The e-car startup is merging with a listed company shell - a so-called SPAC. With more money from oil multinationals and investors, Lucid wants to attack the luxury segment.

Der Lucid Air kommt zunächst in einer Luxus-Variante und später als obere Mittelklasse-Limousine heraus. © Lucid The Lucid Air will initially be available in a luxury version and later as an upper middle class sedan.

The combined company is said to be worth $ 24 billion in the end. However, this is only possible in steps. The "Special Purpose Acquisition Company" (SPAC), the shell company, only raised $ 2.1 billion when it went public. Investors and the Saudi state fund PIF have now pumped another 2.5 billion into the construct. A total of $ 4.4 billion will flow into Lucid, reports the Handelsblatt. The takeover should be completed in the second quarter. First production model delayed further

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With a valuation of 24 billion dollars, Lucid is already worth half as much as BMW, although the Americans have not yet sold a single car. In the course of the IPO, Lucid announced that the start of production would be postponed from March to the next half of the year. The model should come to Europe this year. It is not known whether this schedule can be kept.


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Your browser does not support this video Peter Rawlinson runs the company, he was Tesla's chief engineer. The two Germans Peter Hocholdinger and Eric Bach also come from there. While Hochholdinger is in charge of production, Bach is in charge of the hardware department. The first model to roll off the assembly line in a recently completed factory in Arizona is the Lucid Air

luxury limousine. A range of 810 kilometers according to the WLTP standard and 1,080 hp are in the data sheet. The car should accelerate to around 100 kilometers per hour in 2.5 seconds. The top speed is 270 kilometers per hour. The first variant called "Dream Edition" costs $ 169,000 and will be produced first. From next year, a cheaper model with more moderate performance data for $ 80,000 will come onto the market. Lucid executives said Tesla is not the primary competitor. The Lucid Air Dream Edition is rather a direct competitor to the Mercedes S-Class. Saudi Arabia remains firmly in the boat The transaction via SPAC was initiated by former Citigroup manager Michael Klein. He has already helped bring the state oil company Saudi Aramco to the stock exchange.

The Saudi State Fund saved Lucid from bankruptcy in 2018

. A board member from Aramco chairs the board of directors at Lucid Motors: Andrew Liveris also headed Dow Chemicals for years. According to unconfirmed rumors, Lucid and Saudi Arabia are negotiating the first car factory in the land of the oil sheikhs.

“Flying start” for Stellantis .
The newly formed auto giant Stellantis with brands such as Opel, Peugeot and Fiat has made a “flying start” according to its own assessment. © Peter Dejong / AP / dpa Logos of car companies on the facade of the building in which the headquarters of Stellantis is located in Lijnden, near Amsterdam.

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