CCIV - Why Churchill Capital IV Stock Popped Today
Shares of Churchill Capital IV (NYSE: CCIV) have popped today, up by 12% as of 12 p.m. EST, on renewed speculation that Lucid Motors may partner with Apple (NASDAQ: AAPL) . Churchill Capital IV is the special purpose acquisition company (SPAC) merging with Lucid Motors to take the nascent electric vehicle (EV) maker public.
Hopes that Lucid would partner with Apple have persisted for a couple of months, due in part to the fact that longtime Apple designer Jony Ive sits on Churchill Capital's operating team. Additionally, Apple has been searching for a manufacturing partner as part of its efforts to enter the auto industry with its oft-rumored Apple Car. Apple has been developing autonomous driving software for several years, while Lucid's advanced driver-assistance system (ADAS), known as DreamDrive, will be capable only of Level 2 functionality initially.
Image source: Lucid Motors.
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Why Churchill Capital IV Stock Popped Today