Technology

Lucid Motors and the SPAC Churchill Capital Corp. IV (CCIV) May Have To Delay Their Merger Agreement Until Negotiations Over a Saudi Production Facility Conclude

3 years ago

Anonymous $K6XgmDN5_o

https://wccftech.com/lucid-motors-and-the-spac-churchill-capital-corp-iv-cciv-may-have-to-delay-their-merger-agreement-until-negotiations-over-a-saudi-production-facility-conclude/

Lucid Motors, the manufacturer of the ultra-luxury Lucid Air EV, continues to be the center of the SPAC universe as investors anticipate an imminent merger with Churchill Capital Corp. IV (NYSE:CCIV). However, recent developments may force the two negotiating parties to delay their business combination announcement.
To wit, Financial Times reported earlier today that Lucid Motors has now entered into talks with the $400 billion Saudi sovereign wealth fund, formally known as the Public Investment Fund (PIF). The negotiations purportedly center around a production facility in the city of Jeddah. Bear in mind that the PIF currently holds a 67 percent stake in Lucid Motors on the back of a $1.3 billion investment back in 2019. Of course, the company already has a production facility, dubbed the AMP-1, in Arizona. While the Arizona facility will have an initial production capacity of 30,000 units per annum, the company plans to increase its annual capacity to 400,000 units. Moreover, the deliveries of the Lucid Air EV are expected to commence in the spring of 2021.

Lucid Motors and the SPAC Churchill Capital Corp. IV (CCIV) May Have To Delay Their Merger Agreement Until Negotiations Over a Saudi Production Facility Conclude

Jan 25, 2021, 4:20pm UTC

$K6XgmDN5_o

https://wccftech.com/lucid-motors-and-the-spac-churchill-capital-corp-iv-cciv-may-have-to-delay-their-merger-agreement-until-negotiations-over-a-saudi-production-facility-conclude/ > Lucid Motors, the manufacturer of the ultra-luxury Lucid Air EV, continues to be the center of the SPAC universe as investors anticipate an imminent merger with Churchill Capital Corp. IV (NYSE:CCIV). However, recent developments may force the two negotiating parties to delay their business combination announcement. > To wit, Financial Times reported earlier today that Lucid Motors has now entered into talks with the $400 billion Saudi sovereign wealth fund, formally known as the Public Investment Fund (PIF). The negotiations purportedly center around a production facility in the city of Jeddah. Bear in mind that the PIF currently holds a 67 percent stake in Lucid Motors on the back of a $1.3 billion investment back in 2019. Of course, the company already has a production facility, dubbed the AMP-1, in Arizona. While the Arizona facility will have an initial production capacity of 30,000 units per annum, the company plans to increase its annual capacity to 400,000 units. Moreover, the deliveries of the Lucid Air EV are expected to commence in the spring of 2021.