On February 22nd, US Electric Vehicle Company Lucid Motors announced that it will be publicly listed on the New York Stock Exchange by merge with a special purpose acquisition company (SPAC).
SPAC, which participated in the Lucid Listing Transaction for Churchill Capital Corp IV (hereinafter referred to as “Churchill”), the founder is the leader of the front Citibank executives Michael Klein. According to the company’s public information, Churchill raised $ 690 million in IPO in June 2019, and is now listed on the New York Stock Exchange.
According to reports, the merger will provide Lucid to provide nearly $ 4.4 billion in cash revenue, which is expected to be completed in the second quarter of 2021. If completed, Lucid will become a new energy car company that has the highest financing amount by SPAC.
In January of this year, FF announced that the company’s Property Solutions Acquisition Corp (“PSAC”, NASDAQ transaction code: PSAC)) has reached the final agreement, and FF will be listed in the Nasdaq Securities Trading Market after the merger is completed. The stock code is “FFIE”, and the merger is expected to be completed in the second quarter of 2021. Ff said that the merchant transaction can provide about $ 1 billion funds for the company. According to the estimation before the FF, the PIPE subscription price is 10.00 US dollars, and the company’s valuation is approximately $ 3.4 billion after completion.
As a headquartered enterprise in California, the headquarters is start-up, FF and LUCID, who can become a real Tesla “killer” also caused the industry concerns. Coincidentally, these two companies have more or less associations with Jia Yue Ting, and once again proved the strategic vision of Jia Yueping insight into the industry. If the two companies can eventually be listed successfully, the “Jia Yueping concept stock” on the US stock market will be a good story.
Jia Yueping has considering the combination of two companies: Lucid launches popular models as FF sub-brands.
As we all know, FF is an intelligent electric vehicle company founded in 2014 in 2014 in 2014. Before this, Jia Yueping, as the founder of LeTV, has focused on the field of electric vehicles, and promoted LeTV investment in ATIEVA.
ATIEVA was founded in 2007 and was founded by Chinese Xiejiapeng (Bernard TSE). Xie Jiapeng is one of the early executives of Tesla. In 2014, LuCID conducted C-round financing, and Beiqi Group with a share of $ 100 million, accounting for 25% shares. In June of the same year, LeTV also invested tens of millions of dollars. According to “Finance”, in early 2016, Beiqi Group has transferred Lucid shares to LeTV, but also let LeTV have become the largest shareholder of Lucid.
According to informed people, after LeTV investment Lucid and became a major shareholder, Jia Yueping took the merger of two companies and launched the Lucid as a sub-brand of FF. But in the late stage, in order to pay debt, LeTV is no longer a shareholder of Lucid.
However, Jia Yueping’s LeTV as Lucid’s early venturer, with the identity of the largest shareholder, deeply affected LuCID’s business model and product philosophy. This solves the most difficult and most difficult, most difficult, most difficult to develop early, and also paved the road for today’s listing.
A person who is close to Jia Yueping and Lucid said that Lucid did not have a technology internet gene. Early Lucid thinking is traditional, it is difficult to accept advanced intelligent electric car concept. This is also the core reason for Jia Yueping to voluntarily abandon Lucid and concentrate on creating FF. Jia Yueping believes that FF is the future of the industry, and the product technology level is much higher than LuCID.
LUCID valuation rose to $ 62 billion to trigger external bubble worry
The latest news said that after reaching the Merger Agreement with the Churchill Capital IV, stock market investors will increase the valuation of Lucid from $ 24 billion to $ 6.2 billion.
In contrast, the market value of General Motors is about $ 72.5 billion on Tuesday, while Tesla’s market value is $ 647 billion at the afternoon. And so high valuation has triggered some concerns about the actual value of companies that have not yet started normal production.
At present, Lucid’s only launched model is Lucid Air, which is priced at $ 774 million. Original Lucid plans to be launched in the spring of 2021, but a document shows that the car should start production at the end of 2021. In addition, Lucid’s CEO Ranlinsen also said on Tuesday that the plan will be launched in 2024 or 2025, a model that competes with Tesra Model 3.
Although Lucid has been thinking of Temla is the only competitor, the outside world is generally believed that Lucid has no highlighting trees in product innovation and business model, and the gap between Tesla is not a star. This is also why Lucid’s high valuation will trigger the reason. From the long run, its growth space and value-added imagination are not big.
The value of the estimated ff is the most valueful investment label than the LUCID, the current valuation is not low. But in fact, the FF is better than LuCID regardless of the technical reserves, products, strategies and early investment.
Since its inception, more than $ 2 billion investments have been obtained since its establishment. In addition to the research and development of the first model FF 91, the product definition of the second model FF 81 has been completed, and the R & D work is also actively promoted.
FF’s super luxury flagship product FF 91 has industry-leading 1050 horsepower, 100 kilometers of acceleration no more than 2.4 seconds, the industry’s largest 60 degrees zero gravity seat and revolutionary user experience, designed to create mobile, intelligence, interconnection The luxurious third Internet life is currently getting more than 14,000 orders worldwide.
Ff has established a powerful, leading and valuable technique, which varistogenically drives chassis architecture (VPA), three-power system and advanced I.a.i system technology about 900 applications or authorized patents worldwide. According to Patent Data Analysis Company Randolph Square IP (RSIP) report, FF’s similar patent combination is far super traditional car enterprise.
In the next five years, the FF B2C passenger plan will include the FF 91 series, the FF 81 series and the FF 71 series. The FF 91 series will define the DNA of the FF brand. This DNA will continue to the high-end market model of FF subsequent launch market: FF 81 series and FF 71 series. FF 81 is expected to be available in 2023, and FF 71 is expected to be listed in 2024. In addition to the passenger car, FF also plans to introduce “the last mile smart transport vehicle” (SLMD) using its proprietary VPA platform technology in 2023.
According to informed people, the Rolandberg gave the evaluation of “FF has the most advanced intelligent electric vehicle technology” in the evaluation of FF’s products and technology, which also promotes the importance of constant in 2018. one of the reasons.
In addition to the product and technical advantages, the mid-home strategy of the United States is not available in the FF. As a pure American company, which is founded by Chinese entrepreneurs, FF has the scientific and technological genes attached to California, which is located in the Global Electric Vehicle Innovation Center, and Chinese entrepreneurs are familiar with the Chinese market genes, once the FF China project is Sino-US two places will be the biggest threat of Tesla and even “killer”, which is also the advantage that Lucid, who focuses on the US market and focuses on the Chinese market, Xiaopeng, ideal car does not have the advantage.