Lucid Motors merges with Churchill Capital Corp IV and listed on Nasdaq

AsiaNet 90841 (1706)

[New York, July 26, 2021 PR Newswire = Kyodo News JBN]
* Lucid Motors will start trading on the 26th with the new ticker symbol “LCID” as Lucid Group Inc. after the merger with Churchill Capital Corp IV is completed.

* The transaction will bring $ 4.4 billion and the company will use this money to accelerate growth and expand manufacturing capacity to meet expected demand.

* Lucid Air has more than 11,000 prepaid reservations, and the company plans to deliver groundbreaking luxury electric vehicles in the second half of 2021

* Lucid’s management demonstrates the company’s excellent culture with important expertise in the automotive and technology industries

* Our electric vehicle (EV) technology delivers world-leading performance and efficiency, including an estimated EPA range of over 500 miles on a single charge.

* Vertical integration of engineering and manufacturing capabilities, including a state-of-the-art EV plant in Casa Grande, Arizona, USA

Lucid Group, which sets new standards for sustainable mobility in cutting-edge luxury electric vehicles (EVs)Link ) Will list its Class A common stock and warrants on the Nasdaq Global Select Market on the 26th, and will be traded under the new ticker symbols “LCID” and “LCID W,” respectively. Lucid completed the previously announced merger with Churchill Capital Corp IV on July 23, 2021. The new company after the merger will be managed as Lucid Group, Inc. in the future.

Photo – Link

Lucid will ring the opening bell on the Nasdaq on July 26 to celebrate the company’s listing. Livestreaming of this event can be viewed below:
Link

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“Lucid’s mission is to develop the most advanced technology possible and truly mass-produce electric vehicles and electric powertrain systems,” said Peter Rawlinson, CEO and CTO of Lucid Group. To be industrialized. Lucid Air is a symbol of the next generation of electric vehicles (EVs), setting new standards for interior comfort, cruising range, efficiency and power. We will implement our delivery plans for the next two years. We look forward to doing so and delighting customers around the world with the best electric vehicles ever produced. “

“We thank our colleagues across the United States, from our California headquarters to our Arizona factory, for their outstanding efforts and willingness to ask every day what is possible. Based on curiosity, determination, and sound engineering principles. We are proud of Lucid’s core foundation. “

“Lucid has clear goals for industry-leading technology and its products, and will deliver profitable vehicles to its customers in the second half of this year,” said Michael S. Klein, chairman and CEO of Churchill Capital Corp IV before the merger. We are very pleased to help Lucid move to a listed company and are confident in its ability to meet the unaddressed needs of the automotive industry, which is moving rapidly and globally towards electrification. ” ..

With the introduction of Lucid Air to market, the company has entered a new stage of growth and is rapidly expanding towards its goal of offering a wide range of products backed by its patented electric powertrain technology. There is. Lucid has recently surpassed 11,000 prepaid bookings for Lucid Air, including sold-out Dream Edition, Grand Touring Edition, Touring and Pure versions. The company is currently producing Lucid Air at its plant in Arizona and is conducting quality verification inspections prior to delivery to customers.

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Lucid’s management has decades of extensive experience in automotive and technology companies. Similarly, the new board of directors brings diverse expertise and consists of the following members:

* Peter Rawlinson: Lucid Group CEO and CTO
* Andrew Liveris: Chairman of the Board, Former Chairman and CEO of The Dow Chemical Company
* Turqi Alnowaiser: Vice President and Head of International Investment Division, Saudi Arabian Public Investment Fund (PIF)
*Glenn R. August: Oak Hill Advisors, LP entrepreneur and CEO
* Nancy Gioia: Executive Chairman of Blue Current, Inc.
* Frank Lindenberg: Former Chief Financial Officer (CFO) of Mercedes-Benz Cars and Mercedes-Benz AG
* Michelle Maynard-Elliott: Director of Element Solutions, Inc.
* Tony Posawatz: President and CEO of Invictus iCAR
* Janet S. Wong: KPMG LLP Partner (Retired)

▽ About Lucid Group
Lucid’s mission is to stimulate the spread of sustainable transportation by developing the most attractive electric vehicles centered on human experience. Our first car, the Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design, backed by race-proven technology. With a mid-sized exterior and luxurious interior space, Air’s select model has an estimated EPA range of over 500 miles. Delivery of Lucid Air, which will be produced at the new Lucid plant in Casa Grande, Arizona, to customers is scheduled to begin in the second half of 2021.

▽ Media contact
media@lucidmotors.com

Source: Lucid Motors

This press release contains information posted by the issuing company.
For inquiries, please contact the issuing company.

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