Add new comment to Lucid Motors is now valued at nearly 20 billion euros

The US startup Lucid Motors wants to sell its upcoming Air electric car in Europe. The luxury electric vehicle should arrive at the end of 2021, but its debut is likely to be postponed. The reason for this could be the company's recently declared listing on the stock exchange.

Lucid Motors has reached an agreement to merge with Churchill Capital Corp IV (CCIV), which is already listed on the stock exchange, thereby saving itself the lengthy process. The deal values ​​Lucid Motors at around 20 billion euros ($ 24 billion). By going public, the startup is expected to receive around 3.6 billion euros in cash.

In the announcement on the merger with CCIV, Lucid Motors affirmed that it would use the fresh capital to offer its technologies to other automakers.

On the other hand, Tesla shares suffered an 8% drop since September 2020. CNBC notes that it was mainly influenced by Elon Musk's comments on virtual currency over evaluation.

Peter Rawlinson, Lucid Motors boss, sees himself with his new company primarily as a competitor for premium manufacturers such as Mercedes-Benz, Audi and BMW. The newcomer positions itself as a technology leader in luxury electric cars. Peter Rawlinson was previously responsible for the development of the Tesla Model S.