Electric vehicle startup raises $4 billion in SPAC offering to compete against Tesla

The deal left the company with a market capitalization of $9.17 billion, as of this writing, and will give more than $4 billion in cash to Lucid Motors. The transaction will be used to expand Lucid’s Arizona factory, the company said, which it eventually expects to be capable of producing 365,000 vehicles a year. 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

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