Lucid Motors is going public in a major SPAC merger

Photo by Amelia Holowaty Krales / The Verge

Lucid Motors is going to become a publicly-traded company on the New York Stock Exchange in a deal that will leave the electric vehicle startup with $4.4 billion in cash. The California startup, which is majority-owned by Saudi Arabia’s sovereign wealth fund, plans to start shipping its first luxury electric vehicle — the Air sedan — later this year. An electric SUV is slated to follow in 2023.

Much like many other startups in the automotive space have done over the past year, Lucid Motors is skipping the traditional path to becoming a publicly-traded company and is instead merging with a special purpose acquisition company, or SPAC. Specifically, Lucid Motors is merging with Churchill Capital Corp IV, which is already listed on the…

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