By Cromwell Schubarth | Phoenix Business Journal
Lucid Motors Inc. plans to go public via a merger with a “blank-check” company at a valuation of $24 billion, the California luxury electric car maker said Monday.
The Newark, California-based company will get a $4.4 billion cash boost in the deal with Churchill Capital Corp. IV, which had previously been reported to be in merger talks with Lucid. Lucid will use the new funding to help bring its electric vehicles, or EVs, to market and expand its factory being built in Arizona, which it plans to scale up to making 365,000 vehicles a year. The company also plans to use the new funds to market its batteries for uses beyond electric vehicles.
