Electric vehicle charging.
Stocks of Churchill Capital Corp.. IV are around 50 percent in a post-apocalyptic series to start the week.
News of the SPAC possibly taking EV business Lucid Motors public is pushing the share price greater.
The fourth of seven’blank-check’ businesses worked by Michael Klein, Churchill Capital Corp.. IV’s plan for Lucid Motors would keep the SPAC trend going in 2021.
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Churchill Capital Corp IV has been run by veteran Wall Street dealmaker Michael Klein, also is the fourth of seven’blank-check’ companies which Klein has been using to take partner firms public.
In cases like this, the partner company is Lucid Motors, a relatively well-established EV manufacturer based out of Newark, California, and which targets the luxury end of the vehicle industry. The deal could possibly value Lucid at $15 billion, according to Bloomberg.
Lucid is yet another competition in a crowded EV space. However, the company has a little more going for them than many of its rivals.
Lucid boasts world-class EV tech and will be owned in part from the Public Investment Fund of Saudi Arabia after a 2019 funding round valued at more than $1 billion.
In the past year, the information around Lucid warmed up considerably, especially after the provider’s September statement of their initial full-sized EV, the Air.
Starting at $77,400,the Air features a 9.9 second quarter-mile plus fast-charging that catches 300 kilometers of new EV range in just 20 minutes.
Stocks of Churchill Capital Corp IV are trading close to $15 after hovering around the $10 mark for months. The SPAC has been the next most traded title among Fidelity clients as of Tuesday morning, behind EV manufacturers Nio and Tesla, according to information from Fidelity.
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