On September 17, 2018, Lucid Motors announced that they were in talks with the Public Investment Fund, which is the Saudi Arabian sovereign investment fund, for funding valued at over US$1 billion. The first vehicles began rolling off the assembly line on September 28, 2021. As of November 2016, the company had planned to break ground in 2017, and have cars in production by early 2019. The factory was then to be designed to support a maximum capacity of 380,000 cars per year.
On November 29, 2016, state and company officials announced the planned construction of Lucid's US$700 million manufacturing plant in Casa Grande, Arizona, which was projected to employ up to 2,000 workers by the mid-2020s, initially building 20,000 cars and expanding up to 130,000 cars per year. The company rebranded to Lucid Motors in October 2016 and officially announced its intent to develop an all-electric, high-performance luxury vehicle. The company has seen investments from Tsing Capital, Mitsui, Venrock, JAFCO, and others. Lucid's CEO and CTO, Peter Rawlinson, formerly served as VP of Engineering and Chief Engineer of the Model S at Tesla, Inc., and Vice President Derek Jenkins previously worked as Head of Design at Mazda North American Operations. Lucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers. Blue-chip or not, some holders appeared to be putting a lid on their profits as they wait to see Lucid hit the road.Lucid Studio at Brickell City Centre, Miami PIPE investors collectively held 166.7 million shares when the deal closed in July. The fund invested more than $1 billion in Lucid in 2018, prior to the SPAC deal, and has said regularly that it sees Lucid as a long-term part of the kingdom’s 2030 targets to diversify its economy. Saudi Arabia’s Public Investment Fund is the single largest shareholder in Lucid, according to data tracked by Bloomberg, and participated in the PIPE. The company expects to build around 577 vehicles this year and ramp up production to 20,000 vehicles next year, but has not announced an official production start date. Lucid had a market capitalization of about $32 billion as of Tuesday’s close, though it has yet to deliver a single car to customers. 1 - whichever came later.Ĭhief Executive Officer Peter Rawlinson was jubilant at the time, saying in an interview shortly after the deal announcement: “We’ve been able to attract the bluest of blue-chip companies to make long-term investments in us, and I just see the SPAC as just a useful tool now to achieve that.”Ī representative for Lucid Group declined to comment on Wednesday. The funding commitment was also unique in that it came with a provision that those holders could freely trade their stock on the date the PIPE shares were registered or Sept. That PIPE was anchored by a who’s who of institutional investors including the Saudi Public Investment Fund, funds and accounts managed by BlackRock Inc., Fidelity Management & Research LLC and Franklin Templeton.
As average investors crowed about the possibility of an EV revolution, Lucid and Churchill touted $2.5 billion in supportive financing for the merger - the largest common stock PIPE, or private investment in public equity, associated with a SPAC deal at the time, according to the companies. IV was formally announced, part of the fanfare was its broad appeal among meme-stock traders and well-heeled investors alike. When Lucid’s SPAC deal with Churchill Capital Corp. Investors could’ve seen it coming: The lockup expiry was known since February. The luxury electric-vehicle startup plunged to fresh lows on Wednesday, tumbling as much as 19%, as key investors were freed to sell shares for the first time since it went public via special purpose acquisition company, or SPAC, in July. grapple with owning too much of a good thing, some early investors appear to be heading for the exits.
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