- The stock price of Churchill Capital Corp IV (NYSE: CCIV) has increased by over 15% pre-market as of 7:52 AM ET. This is why it happened.
The stock price of Churchill Capital Corp IV (NYSE: CCIV) has increased by over 15% pre-market as of 7:52 AM ET. One of the reasons why the stock price increased is due to a report about Lucid Motors being in talks with the Saudi Arabia’s sovereign wealth fund for an EV factory there. The fund’s Governor Yasir Al-Rumayyan confirmed the talks with The Financial Times.
The Public Investment Fund had purchased a 67% stake in Lucid Motors for about $1.3 billion in 2018. And it is believed that the new facility would be built near the city of Jeddah.
It is rumored that Lucid Motors will be going public through a reverse merger with special purpose acquisition company (SPAC) Churchill Capital Corp IV.
Investors have been closely watching Lucid Motors as a competitor against Tesla. Last year, Lucid Motors had announced the Lucid Air sedan at a price of $69,900 after subsidies.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.