Saudi’s PIF-backed Lucid Motors makes trading debut on Nasdaq
- Date: 27-Jul-2021
- Source: Zawya
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi’s PIF-backed Lucid Motors makes trading debut on Nasdaq
RIYADH: Lucid Motors, the Californian electric vehicle (EV) carmaker majority-owned by Saudi Arabia's Public Investment Fund (PIF), will make its trading debut on New York's Nasdaq Global Select Market on Monday.
Listed under the new ticker symbol "LCID", the listing came about following the merger of Lucid and Churchill Capital Corp. IV "” a special purpose acquisition company "” on July 23. The EV firm will begin trading by ringing the Nasdaq opening bell on July 26.
The deal will help Lucid raise $4.4 billion, which will be used to fast track its production growth plans. The firm has over 11,000 paid reservations for its Lucid Air vehicle, which is on scheduled to start deliveries in the second half of this year.
"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," Peter Rawlinson, CEO and CTO of Lucid Group, said in a press statement.
Michael S. Klein, chairman and CEO of Churchill Capital Corp. IV, said ahead of the merger: "Lucid has industry-leading technology, clear demand for its products, and is on track to deliver revenue-generating cars to
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