The publicly traded shares of CCIV fell nearly a third to $40.35 in volatile extended trading, giving the merged company a market capitalization of about $64 billion. By comparison, General Motors Co is worth about $76 billion.
Lucid said it is on track to start production and deliveries in North America in the second half of this year with Lucid Air, its first luxury sedan. It had previously said it planned to start its deliveries in spring of 2021.
Lucid, which plans to build vehicles at its factory in Arizona, aims to deliver 20,000 vehicles in 2022 and 251,000 in 2026 by adding other models like an electric sport utility vehicle.
With a starting price of $77,400, the sedan is slated to be the first to achieve a 500-mile (805 km) driving range.
After Lucid priced its sedan, Tesla chief Elon Musk announced a price cut to its flagship Model S sedan. "The gauntlet has been thrown down!" he tweeted.
CCIV, which is backed by Wall Street dealmaker and former Citigroup banker Michael Klein, and new private investors are getting shares at different prices, with the newer private investors paying a premium.
The deal with CCIV includes a private investment of $2.5 billion from Saudi Arabia's Public Investment Fund, funds managed by BlackRock and others.
(Reporting by Niket Nishant, Shariq Khan and Sohini Podder in Bengaluru and Greg Roumeliotis in New York; Additional reporting by Hyunjoo Jin in San Francisco; Writing by Subrat Patnaik; Editing by Stephen Coates)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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