Lucid Group, the company formed after Lucid Motors' July 23 merger with Churchill Capital Corp IV (CCIV), has become a publicly listed company.
The electric vehicle manufacturer is now trading on the Nasdaq Global Select Market with its Class A common stock and public warrants listed under the new ticker symbols “LCID” and “LCIDW,” respectively.
Lucid Group CEO and CTO Peter Rawlinson rang the opening bell at Nasdaq on July 26 to celebrate the company's public listing, and the executive said Lucid now has $4.4 billion in funding in the bank. The money will allow it to add 2.7 million square feet (250,800 sq m) of additional space at the company’s greenfield factory in Arizona with the goal to add a separate line for the Project Gravity electric SUV.
In the short speech he delivered after ringing the opening bell, the executive made some big promises for a company that is yet to bring its first production model to market.
“Lucid’s mission is to truly mass industrialize electric cars and electric powertrain systems through the development of the most advanced technology imaginable. 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.”
Lucid says that deliveries of the Air electric luxury sedan will start soon as it is currently producing the vehicle at its factory in Arizona and conducting quality validation checks—the final step before customer deliveries.
The company has recently exceeded 11,000 paid reservations for the Lucid Air, including the fully reserved Dream Edition, the Grand Touring edition, and both Touring and Pure versions.
Besides the rollout of its first model, Lucid Group plans to expand rapidly by offering “a broad range of products powered by the company’s proprietary electric powertrain technology.” So far, the only other vehicle we know about is the Project Gravity electric SUV.
Finally, Lucid Group has also announced its new Board of Directors, which includes people with decades of experience across various automotive and technology companies.
- Peter Rawlinson, CEO & CTO, Lucid Group
- Andrew Liveris, Chairman of the Board, formerly Chairman and CEO of The Dow Chemical Company
- Turqi Alnowaiser, Deputy Governor and Head of the International Investments Division, Public Investment Fund of the Kingdom of Saudi Arabia
- Glenn R. August, Founder and CEO Oak Hill Advisors, L.P.
- Nancy Gioia, Executive Chairman, Blue Current, Inc.
- Frank Lindenberg, former CFO, Mercedes-Benz Cars and Mercedes-Benz AG
- Nichelle Maynard-Elliott, Director, Element Solutions, Inc.
- Tony Posawatz, President & CEO, Invictus iCAR
- Janet S. Wong, Partner (retired), KPMG LLP