Lucid Motors — focus of one of the most anticipated SPAC mergers of 2021 — is out with some news on its battery plans and images for a new SUV.
What Happened: Lucid Motors, which is going public with Churchill Capital Corp IV (NYSE: CCIV), has unveiled plans to put its batteries to use in the energy storage market.
TechCrunch reported that Lucid Motors sees a second life for its electric vehicle batteries in the energy storage space. Lucid Motors is experimenting with energy storage systems for both commercial and residential customers.
Batteries typically retain a charging capacity of 70% after being removed from an electric vehicle. Lucid Motors wants ways to repurpose the batteries going forward.
New images also circulated online showing the Lucid Motors Gravity SUV. Electrek shared images that were filed with the European Union Intellectual Property Office.
The images differ from pictures the company had previously shared, including during its investor presentation. Changes include ore glass to the roof and a longer back.
Related Link: 9 Key Takeaways From The Lucid Motors SPAC Merger
Why It’s Important: Lucid Motors is set to deliver its Lucid Air electric vehicle in the second half of 2021. The company is also working to complete its SPAC merger with Churchill Capital Corp IV.
The new battery plans and leaked images for the Gravity could help boost investor confidence in the long-term plans for Lucid Motors.
The Gravity SUV is scheduled to be released in 2023.
Plans are underway to complete Phase II of the company’s Arizona production facility that could make space for Gravity production.
Lucid Motors CEO Peter Rawlinson told Jim Cramer on “Mad Money” last week that the company’s order book was filling up. The CEO said the company plans to ramp up production in the third quarter of 2023 to 85,000 vehicles annually from the Arizona factory. The planned expansion for the facility could bring capacity to 365,000 units annually.
Price Action: Shares of Churchill Capital Corp IV closed at $26.88 on Friday. Shares have traded between $9.60 and $64.86 over the last 52 weeks.
Disclosure: Author is long shares of CCIV.
Photo courtesy Lucid Motors.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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March 22, 2021 at 03:34AM
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