Lucid Motors in talks to go public: report

Lucid Motors building

Electric vehicle maker Lucid Motors Inc. is in talks to go public through a merger with one of Michael Klein’s special purpose acquisition companies (SPACs), Bloomberg reported, citing people familiar with the matter.

The transaction could be valued at up to $15 billion, the sources said, adding that Lucid is working with financial advisers.

Klein has two SPACs, and Churchill Capital Corp IV -- the largest one, having raised more than $2 billion last year -- is the vehicle considering a deal with Lucid.

In September 2018, the Public Investment Fund (PIF) signed an investment agreement of over $1 billion (SAR 3.75 billion) with Lucid Motors to help support the commercial launch of its Lucid’s first electric vehicle, Argaam reported.