Lucid Motors Is Going Public With a $24 Billion Valuation

·2 min read
Photo credit: Lucid Motors
Photo credit: Lucid Motors

From Road & Track

Welcome to The Grid, R&T's quick roundup of the auto industry and motorsports news you should know this morning.

Lucid Motors Is Going Public With a $24 Billion Valuation

Electric-car startup Lucid Motors has real momentum behind it, and soon, it's going public with a merger with a Special-Purpose Acquisition Company (SPAC), Churchill Capital Corp IV. The Verge reports that Lucid will be valued at $24 billion after the deal, and will have an additional $4.45 billion of cash on hand. The investment is being led by Churchhill, and Lucid's current majority stakeholder, the Saudi Arabian sovereign wealth fund. For more details on the finance, read the report from The Verge.

Volkswagen Still Considering Selling Bugatti to Rimac

One of the more surprising automotive news stories of 2020 was the Volkswagen Group considering a sale of Bugatti to Rimac. We haven't heard much on this front over the last few months, but in an interview with German publication Automobilewoche, Porsche CEO Oliver Blume hinted that this deal may still happen. Per Reuters, Blume said "[a]t the moment there are intense deliberations on how Bugatti can be developed in the best possible way. Rimac could play a role here because the brands are a good technological fit." Blume's comments are important because Porsche currently owns 15.5 percent of Rimac, and its stake could increase after the Bugatti acquisition. Blume says that a decision will be made sometime in the first half of this year.

NASCAR Fines Chip Ganassi For COVID Violation

At last weekend's Daytona road course Cup race, Chip Ganassi had a non-essential guest in the pits, in violation of the sport's COVID-19 protocol limiting the number of people who can be on pit road. The series issued Ganassi a one-race ban and a $30,000 fine. His team can still field its two cars for this weekend's Cup Series race at Homestead-Miami, but Ganassi himself won't be allowed to attend.

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