Why Churchill Capital IV jumped another 18% today

What happened

Shares of Churchill Capital IV (CCIV.U) surged this week as rumors swirled that the Special Purpose Acquisition Company (SPAC) was in talks to merge with the luxury electric vehicle (EV) maker Lucid Engines.

Shares jumped another 18% today as new evidence emerged suggesting the rumors are true.

So what

The Lucid Motors website now lists vacancies including director of investor relations, SEC reporting officer and investor relations analyst. While no corporate announcements have been made, job postings suggest Lucid Motors is closer to plans to go public.

Lucid Air luxury sedans. Image source: Lucid Motors.

Now what

Lucid Motors CEO Peter Rawlinson worked as chief engineer on the You’re here (TSLA 3.88% ) Model S sedan. Lucid has already announced that its Air luxury sedan will be available with a battery range of 517 miles, exceeding Tesla’s Model S maximum range of 402 miles.

Production of the first Air sedan model is expected to begin this year with the $161,500 Air Dream Edition. Future models will include the base Air Pure level listed at $69,900. Lucid also hints at a future SUV model with images on its website, although no details have been released.

Based on the reaction to the merger rumors, investors seem to be excited about the prospect of investing in public company Lucid Motors.

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