Lucid is trying to compete directly with Tesla. Peter Rawlinson, the CEO of Lucid, helped develop the Model S sedan while working at Tesla from 2009 to 2012. Tesla, the most valuable automaker in the world by market capitalization, sells the Model S, an electric luxury sedan that starts at $73,990, with long-range variants also having a range of just over 500 miles.
Lucid is the latest electric automaker to go public through a SPAC merger.
With reporting by Charles Riley
Correction: An earlier version of this story misidentified the company’s market capitalization.