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Lucid Motors drive down the SPAC routeMENA

Lucid Motors drive down the SPAC route

Lucid Motors, the luxury electric vehicle maker, is the latest target of a special purpose acquisition company run by investment banker Michael Klein. A merger would see the combined entity valued at around $15b. According to people familiar with the matter, the deal could be announced as early as this week.

While Lucid Motors is based out of California, it is backed by Saudi Arabia’s sovereign wealth fund. Last year, the Saudi sovereign wealth fund purchased a majority ownership stake in the electric vehicle maker for $1.3b.

Lucid hopes to start deliveries of a $169,000 electric sedan, that can go 500 miles on a single charge, to US customers in the second quarter of this year.

why it matters
Lucid Motors represents one of MENA's biggest investments in the electric vehicle space. Will Lucid be able to keep up with Tesla (TSLA) in the luxury electric vehicle space? (We're picking quite a bit on Elon today, we know!)