Another day, another public offering. This time around, it’s for the luxury electric vehicle maker Lucid Motors. Lucid Motors was founded in 2007, but unlike Tesla, it’s yet to launch its first electric vehicle. Instead, the company has historically concentrated on energy storage solutions.
But Lucid Motors’ first electric vehicle, the Lucid Air, is expected to be delivered to customers in the second half of 2021. The luxury sedan is expected to come in a range of models including the Pure, Touring, Grand Touring, and Dream Edition. Given prices for the Lucid Air starts at $69,900 for the Pure model and goes all the way up to $161,500 for the Dream Edition, it’s clear Lucid isn’t aiming to compete with Tesla on price.
Here’s what you need to know about Lucid Motors’ public listing today:
- How is Lucid going public? It’s through a SPAC merger, not an initial public offering (IPO). SPAC stands for “special purpose acquisition company,” which is an alternate way to bring a company public. In an SPAC a shell company is created by investors to raise funds to buy another company. In Lucid’s case, it merged with a company called Churchill Capital Corp IV.
- Which exchange will Lucid Motors trade on? It will trade on the Nasdaq.
- What is Lucid Motors’s ticker symbol? It’s LCID.
- Will Lucid Motors be the next Tesla? That’s something only time will tell.
Lucid Motors and Churchill Capital IV close the business combination. We will begin trading on @Nasdaq Monday under the ticker symbol $LCID. We extend our sincere thanks to our customers, shareholders, fans, and employees for their continued support.https://t.co/BlmGyfpo0V pic.twitter.com/hquMJxjZFE
— Lucid Motors (@LucidMotors) July 23, 2021