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Electric car manufacturer Lucid has been given a valuation of $24 billion in its initial public offering on the New York Stock Market.

The ambitious electric car company has merged with special purpose acquisition company Churchill Capital which will see it debut on the stock exchange today.

Lucid is also expected to receive around $4.4 billion in cash from the transaction, according to reports. Saudi Arabia’s Public Investment Fund has also pumped more than $1 billion into the company and will control around 60% of the shares.

“Lucid’s mission is to truly mass industrialize electric cars and electric powertrain systems through the development of the most advanced technology imaginable,” says Peter Rawlinson, CEO and CTO of 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.”

The Lucid Air is the company’s first electric car and is set to cost from $69,900 factoring in the US government’s $7,500 federal tax credit.

However, while the company had promised to start delivering the car in Spring 2021, it has since pushed back the start of production to the second half of this year.

Fortunately, Lucid’s investors seem confident in the company’s ability to pull it off.

“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,” says Michael S. Klein, Chairman and CEO of Churchill Capital.

“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.”

So far, Lucid has had more than 11,000 reservations for its Air model, including the sold-out special editions. 

The Lucid Air cars themselves sound impressive, promising more than 500 miles of range and staggering 1,000+ horsepower outputs. Perhaps most important, however, is its claimed ability to travel up to 300 miles from a single 20-minute charge.

Is Lucid’s valuation full of hot Air? The market will soon decide.

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