One of the most anticipated SPAC mergers of 2021 is the deal to bring Lucid Motors public. The company is launching several luxury electric vehicles and could be a player in mass-produced affordable electric vehicles in the future.
What Happened: Lucid Motors, which is set to merge with Churchill Capital Corp IV (NYSE: CCIV), is working on a $25,000 electric vehicle in the future, according to CarBuzz.
“I have a clarity of vision to get to the mythical $25,000 electric car. And it’s going to take one thing to drive it: technology,” said Lucid Motors CEO Peter Rawlinson.
Rawlinson said Lucid Motors will make its vehicles “progressively more affordable in progressively increasing numbers.”
Simply reducing the battery costs for electric vehicles is the wrong way to improve pricing for the future, he said.
Lucid Motors believes its technology will help the company compete for customers and also on vehicle costs.
Related Link: 9 Key Takeaways From The Lucid Motors SPAC Merger
Why It’s Important: Lucid Motors is choosing to start with high-end vehicles first. The company’s initial launch model is the Lucid Air Dream Edition, which is available for $161,500 after a federal tax credit. Lucid Motors announced that the vehicle is already fully reserved.
A SUV called the Gravity is expected to be Lucid's second vehicle rollout.
After those two launches, the company could launch its $25,000 electric vehicle.
Price point has been a key metric for companies in the electric vehicle market to appeal to more users and increase market share in the United States.
With a $25,000 price point, Lucid Motors could take on U.S. market leader Tesla Inc (NASDAQ: TSLA).
The increasing push from legacy automotive companies like General Motors Company (NYSE: GM) and Ford Motor Company (NYSE: F) is expected to create pricing pressure in a growing, competitive EV market.
CCIV Price Action: Shares of Churchill Capital Corp IV were trading 9.37% higher to $23.35 at last check Tuesday.
Disclosure: Author is long shares of CCIV.
Photo courtesy of Lucid Motors.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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