Saudi-backed Lucid Motors to list on Nasdaq after merger

The merger comes as the carmaker prepares for the delivery of its first vehicle, Lucid Air. (Supplied)

• The US-based electric vehicle maker earlier announced it was merging with New-York-listed CCIV

DUBAI: Saudi Arabia’s Public Investment Fund-backed Lucid Motors said it will be listed on Nasdaq exchange once its merger with Churchill Capital Corp IV (CCIV) is complete.
The US-based electric vehicle maker earlier announced it was merging with New-York-listed CCIV, a blank check company that is publicly listed on the New York Stock Exchange.
The merger comes as the carmaker prepares for the delivery of its first vehicle, Lucid Air, a 500-mile range luxury electric sedan that is powered by the company's proprietary electric powertrain technology.
The transaction is expected to provide additional growth capital for Lucid, which currently employs nearly 2,000 people, and plans to add around 3,000 more by the end of 2022.