XL - Lucid Motors: More Questions Fewer Answers
- Lucid has not fully justified garnering a premium to its PIPE price as other peers trade below SPAC floors, instead leaving more questions to be answered.
- Implied valuation post-merger sits between $26.5 billion and $29.8 billion, depending on redemptions.
- Skepticism about the projected 20,000 unit volume for 2022 has arisen after Rawlinson's CNBC interview.
- Lack of details about battery health/performance and range during cold weather testing provides another risk to potential sales in colder regions.
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Lucid Motors: More Questions, Fewer Answers