- Churchill Capital and Lucid Motors merger has finally gone through.
- Lucid Motors CEO Peter Rawlinson interviewed by Reuters on Tuesday.
- Lucid CEO outlines plans for the future of Lucid Motors.
CCIV Stock Forecast
Now that the most anticipated deal of 2021 so far has been confirmed between CCIV and Lucid Motors it was time to outline the vision for the future of Lucid. Peter Rawlinson, Lucid Motors CEO did just that when he spoke to Reuters on Tuesday and held an investor call also on Tuesday.
Rawlinson said the Lucid Air Dream edition is "virtually sold out" and the company is building a "super cool, west coast inspired brand". Rawlinson also said Lucid is gradually ramping up annual production in Arizona to 400,000 according to Reuters. Peter Rawlinson outlined the divisions in Lucid to focus on three main areas "vehicles, energy storage, and technology".
In relation to the Lucid Air Rawlinson said the "Air's electric vehicle platform will underpin the next model in 2023" and that the Lucid Air "bundles 32 sensors to help enable self-driving with future update". The next step is the production of a less expensive, sub $70,000 version of Lucid Air in 2022 Reuters reports.
Peter Rawlinson also spoke of Lucid's rival in the EV sector Tesla. Rawlinson said the company is ahead of Tesla in technology. Rawlinson also told Reuters that Lucid plans to launch a rival to Tesla's Model 3 in 2024 or 2025, that it was too early to make their own battery cells for now saying that Lucid had contracts with LG Chem and Samsung SDI. Rawlinson also told Reuters six automakers had expressed interest in Lucid's technology and in potential cooperation.
Also one of the Lucid senior executives spoke about the future cash flow situation saying "Lucid doesn't expect to be cash-flow positive until 2025" and "expects negative cash flows in the next few years" according to Reuters. Michael Klein also spoke saying the company has sufficient funding for the company's first three models.
CCIV Stock News
Shares in Churchill Capital closed at $35.21 on Tuesday a loss of nearly 40%. Most likely the PIPE transaction weighed on the stock as the deal was confirmed. Lucid CEO Peter Rawlinson said "had planned a $1billion PIPE at $10 per share for SPAC merger but upsized to $2.5 billion at $15 per share due to strong investor demand", Reuters reported.
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