Who owns Lucid Motors? EV maker to go public with $12 billion funding from Churchill Capital Corp IV
Churchill Capital IV has initiated talks with investors to raise more than $1 billion as it plans to take Lucid Motors public
Lucid Motors is reportedly getting close to a deal to go public at a roughly $12 billion valuation after Michael Klein’s blank-check acquisition firm, Churchill Capital Corp IV, launched a financing effort to back the transaction. After the news surfaced that Churchill Capital Corp IV is planning one of the biggest mergers in electric vehicle makers’ history, the firm’s share price jumped over 33 percent.
As per the reports by Reuters, Churchill Capital Corp IV has reportedly initiated talks with possible investors to raise more than $1 billion by selling shares in private investment in public equity transactions for the deal. This is Churchill Capital Corp IV’s second attempt to raise funds. The acquisition firm had previously raised $2 billion in an initial public offering in July 2020 on the New York Stock Exchange.
How was Lucid Motors founded?
Founders of the company: Bernard Tse | Sam Weng
Lucid Motors was founded in 2007 as Atieva Inc. by former Tesla executive Bernard Tse and acclaimed entrepreneur Sam Weng. During the early stages, Lucid was funded by venture investors from China and Silicon Valley. Companies like BAIC Motor and LeEco had also provided additional funding in the beginning. Lucid got funding of $1 billion in 2018 from Saudi Arabia’s Public Investment Fund to construct an assembly plant in Casa Grande, Arizona.
Lucid Motors, which specializes in electric cars, partnered with Electrify America to use its nationwide charging network. The company’s first electric car, Lucid Air, will debut with a 900V+ electrical architecture, custom lithium-ion battery cells.
Who owns Lucid Motors now?
Chairman of the Board of Director: Andrew Liveris
Liveris was born in Darwin, Australia, and earned a bachelor’s degree in Chemical Engineering from the University of Queensland. He served as a former CEO and chairman of The Dow Chemical Company. His move to acquire Rohm and Hass in 2008 for $16.2 billion is considered as one of the boldest moves in the chemical industry.
Liveris is a director of IBM, Saudi Aramco, Worley, and NOVONIX. He currently serves as a Chairman of the Lucid Board of Directors.
CEO & CTO of the company: Peter Rawlinson
Rawlinson was born and brought up in South Wales, United Kingdom, and graduated in Engineering from Imperial College, London. Throughout his career, Rawlinson held several positions in the UK’s automotive industry, including working as a Principal Engineer at Jaguar Cars.
Rawlinson joined Tesla in 2009 as Vice President of Vehicle Engineering and Chief Engineer of the Tesla Model S. As per reports, he was responsible for the technical execution and delivery of the Model S while maintaining the timely production.
Rawlinson joined Lucid Motors in 2013 as Chief Technology Officer and was appointed Chief Executive Officer in 2019. Along with Derek Jenkins, he oversees the development of the Lucid Air.
Vice President of Design: Derek Jenkins
Jenkins is a California-born automobile designer who received a Bachelor of Science from ArtCenter College of Design, Pasadena, California. Before joining Lucid Motors, he was associated with Audi, where he served as a lead exterior designer. He was then promoted to the assistant chief designer for Audi Designs. Jenkins overlooked the design and production of Audi’s A8 model.
After leaving Audi, Jenkins worked for nine years as Chief Designer for Volkswagen North America, where he worked on several vehicles, including Ragster, Microbus concept, VW GX3, and Concept T.
Jenkins joined Lucid Motors in 2015, where he oversees all design developments, including user experience, color and material, accessories, exterior and interior designs, and others.
What is the net worth of Lucid Motors?
As per Growjo, Lucid Motors, which received $1 billion in venture funding in September 2018, has an estimated annual revenue of $378.5 million per year.