SAN FRANCISCO: Lucid Motors Inc is merging with a blank-cheque company run by financier Michael Klein that values the combined entity at a pro-forma equity value of US$24bil, the biggest in a series of deals involving electric-vehicle (EV) startups cashing in on investor appetite for battery-powered cars.
The carmaker has shied away from comparisons to market leader Tesla Inc, but the public listing positions it to compete for a slice of what’s expected to become a rapidly growing market for EVs.
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