In March I wrote about the merger between Churchill Capital and Lucid offering a SPAC to access public money. Fast forward to today October 29th 2021 and What was CCID is now LCID formally renaming the SPAC as a namesake vehicle for the public market. Naysayers were saying it would never be and there would be bureaucracy around it, particularly as the Car Manufacturer is so nascent without any history in the market.
Spiking those guns, Lucid has confirmed deliveries of their first mark of the Lucid Air, which is the flagship model fetching $169,000. With a pre-order booking of over 30,000. Meaning Lucid will be busy this year and next. The demand is clearly there, an Avantgarde design with range possibly even trumping tesla at 500 miles for charge times. Lucid has announced that the garden variety Air will be on sale next year which will be much less than $169k.
Everything is going well for Lucid, Their CEO is the right fit for the market, an engineer, a designer and endearingly not at all silver-tongued. Their product is high quality and possibly what the Cadillac was in the 60s. The design signature has Americana written all over it. In 12 months it will be safe to say Lucid will be over 100 Billion in Market Cap, and that is a problem for GM's high contenders and GM at large.