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Lucid Motors (LCID) is an electric vehicle (EV) manufacturer based in Newark, California. Part of the Lucid Group, Inc. after the merger with Churchill Capital Corp., the company is also engaged in energy storage and original equipment manufacturing.
Launched in 2007 as Atieva, Lucid was initially focused on building electric batteries and powertrains for other vehicle manufacturers. The company was founded by Sam Weng, a former co-founder and vice president (VP) of sales and marketing at Astoria Networks; Bernard Tse, a former Tesla (TSLA) VP, and inventor Sheaupyng Lin. Peter Rawlinson, previously an engineer at Tesla, joined the company in 2013 as chief technology officer (CTO) and has been chief executive officer (CEO) since 2016.
In October 2016, Atieva switched to developing its own all-electric, high-performance luxury vehicle, rebranding as Lucid Motors. The company is currently developing an electric luxury sedan model – Lucid Air – and a high-performance luxury SUV – Gravity. In July 2021, it had more than 11,000 paid reservations for Lucid Air.
In 2018, Saudi Arabia's Public Investment Fund (PIF) invested over $1bn in Lucid Motors to provide funding for the company to develop, test and start production of Lucid Air, as well as build a manufacturing facility in Arizona, and launch its retail strategy in North America. The business began construction of the Arizona facility in December 2019.
On 22 February 2021, Lucid Motors and Churchill Capital Corp IV (CCIV), a special purpose acquisition company (SPAC), confirmed their intention to merge. The transaction comprised a $2.1bn cash injection from CCIV and a $2.5bn private investment in public equity (PIPE) priced at a discount to the market at $15 a share, valuing the company at $24bn.
On 23 July 2021, Lucid’s shareholders voted to approve the merger. CCIV stock was delisted from the New York Stock Exchange (NYSE) where it had traded since July 2020. On 26 July 2021, the merged company, Lucid Group, Inc., listed on the Nasdaq under the ticker LCID for the stock and LCIDW for warrants.
LCID stock debuted on the market at $25.24 a share, gaining 19.71% to an intraday high of $29.03 a share. The Lucid Motors stock price ended the first trading day at $26.83 a share, 10.64% higher than the opening price.
You can trace the ups and downs of the Lucid share price with Capital.com’s comprehensive Lucid Motors stock chart.