Mitsui-backed Lucid will be valued at $11.8bn once the deal closes, as it prepares to commercially launch its all-electric luxury sedan.

Lucid Motors, a US-based luxury electric vehicle provider backed by diversified conglomerate Mitsui, agreed yesterday to execute a reverse merger with special purpose acquisition company Churchill Capital Corp IV. The deal will involve a combined equity value of almost $11.8bn and it will be listed on the New York Stock Exchange, following Churchill’s flotation in…

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