Lucid Goes Public to Accelerate New Products

Automatic TRANSCRIPT

It goes public on the nasdaq. Hsieh's of lucid rose. Ten percent yesterday following their debut the startup receives four point. Four billion dollars in cash from the transaction after expenses saudi arabia's public investment fund have been a controversial for some people at least about certain things that do with saudi investment. That a billion dollars into lucid over the years they now come out of this with lucid worth twenty four billion and the saudi public investment fund owning sixty percent of the company By any measure. That's a damn good deal. These reverse merger deals Can indeed provide a cash injection to accompany to go public very quickly without the usual. Ipo process and it does give them four and a half billion dollars in cash to accelerate they're all out there roadmap much just cars. Suv's but also immobility Things like electric boats and planes e. Vitale you'll hear pizza. Rowlinson call it also home energy storage as well. Not just the lucid air. That starts seventy grand off the tax credits. But it'll go up to one hundred sixty two thousand. They are on target to deliver them. I've got a clip era of peter. Rawlinson the ceo. Talking this is edited for brevity by the way just full disclosure. But you can see the full Listen to the full audio is online on social media. How listen to what he had to say. We are on track for delivery of the groundbreaking lucid this year and we're on track for production shedule in custody monday plant. We've already started ground. Leveling for incredible integration of phases. Two and three of the factory bringing two point seven million square foot of expanded factory space ready for the introduction of the gravity project in late. Twenty twenty three

Coming up next