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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Tesla, Inc.    TSLA

TESLA, INC.

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Tesla rival Lucid Motors to go public in $24-bln mega SPAC deal

02/22/2021 | 06:08pm EST

Feb 22 (Reuters) - Luxury electric vehicle maker Lucid Motors on Monday agreed to go public by merging with blank-check firm Churchill Capital IV Corp in a deal that valued the combined company at a pro-forma equity value of $24 billion.

Lucid, run by an ex-Tesla engineer, is the latest firm to tap the initial public offering market, with investors rushing into the EV sector, spurred by the rise of Tesla Inc and with emissions regulations toughening in Europe and elsewhere.

The deal, which has a transaction equity value of $11.75 billion, includes a $2.1 billion cash contribution from CCIV and a PIPE (private investment in public equity) investment of 2.5 billion from investors.

Other prominent players in the sector went public through mergers with so-called special purpose acquisition companies (SPACs) last year. While some deals such as Fisker have delivered well, others such as Nikola have given up short-term gains.

Reuters was first to report last week that Michael Klein had launched a financing effort to back the Lucid deal.

The publicly traded shares of CCIV fell nearly a third to $40.35 in volatile extended trading, giving the merged company a market capitalization of about $64 billion. By comparison, General Motors Co is worth about $76 billion.

Lucid said it is on track to start production and deliveries in North America in the second half of this year with Lucid Air, its first luxury sedan. It had previously said it planned to start its deliveries in spring of 2021.

Lucid, which plans to build vehicles at its factory in Arizona, aims to deliver 20,000 vehicles in 2022 and 251,000 in 2026 by adding other models like an electric sport utility vehicle.

With a starting price of $77,400, the sedan is slated to be the first to achieve a 500-mile (805 km) driving range.

After Lucid priced its sedan, Tesla chief Elon Musk announced a price cut to its flagship Model S sedan. "The gauntlet has been thrown down!" he tweeted.

CCIV, which is backed by Wall Street dealmaker and former Citigroup banker Michael Klein, and new private investors are getting shares at different prices, with the newer private investors paying a premium.

The deal with CCIV includes a private investment of $2.5 billion from Saudi Arabia's Public Investment Fund, funds managed by BlackRock and others. (Reporting by Niket Nishant, Shariq Khan and Sohini Podder in Bengaluru and Greg Roumeliotis in New York; Additional reporting by Hyunjoo Jin in San Francisco and Aishwarya Nair in Bengaluru; Writing by Subrat Patnaik; Editing by Stephen Coates and Gerry Doyle)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. 2.79% 702.28 Delayed Quote.-2.67%
GENERAL MOTORS COMPANY 3.70% 53.75 Delayed Quote.29.08%
NIKOLA CORPORATION -7.05% 14.9 Delayed Quote.-2.36%
TESLA, INC. -3.78% 597.95 Delayed Quote.-15.26%
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Financials (USD)
Sales 2021 48 077 M - -
Net income 2021 3 232 M - -
Net cash 2021 10 145 M - -
P/E ratio 2021 196x
Yield 2021 -
Capitalization 574 B 574 B -
EV / Sales 2021 11,7x
EV / Sales 2022 8,99x
Nbr of Employees 70 757
Free-Float 80,3%
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Technical analysis trends TESLA, INC.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 39
Average target price 600,14 $
Last Close Price 597,95 $
Spread / Highest target 101%
Spread / Average Target 0,37%
Spread / Lowest Target -77,4%
EPS Revisions
Managers and Directors
NameTitle
Elon Reeve Musk Chief Executive Officer & Director
Zachary J. Kirkhorn Chief Financial Officer
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
Antonio J. Gracias Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
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