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Lucid Motors Is Going Public With a $24 Billion Valuation

Plus, Volkswagen still may sell Bugatti to Rimac, and NASCAR fines Chip Ganassi for COVID violation.

Electric-car startup Lucid Motors has real momentum behind it, and soon, it’s going public with a merger with a Special-Purpose Acquisition Company (SPAC), Churchill Capital Corp IV. The Verge reports that Lucid will be valued at $24 billion after the deal, and will have an additional $4.45 billion of cash on hand. The investment is being led by Churchhill, and Lucid’s current majority stakeholder, the Saudi Arabian sovereign wealth fund. For more details on the finance, read the report from The Verge.” Check out this article from Road & Tracks “The Grid” for more information!

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