Lucid Motors CEO Peter Rawlinson on Tuesday touted what he referred to as the electrical automotive firm’s “world class tech,” however acknowledged challenges round car manufacturing.Rawlinson, former Tesla engineering government, appeared on CNBC the morning after Lucid introduced a reverse merger with particular objective acquisition firm Churchill Capital Corp IV to go public. It’s the most important SPAC transaction involving an EV firm. SPACs are a substitute for preliminary public choices for corporations that need to develop into publicly traded shares.CCIV shares sank practically 48% to $30 per share in early Tuesday buying and selling, earlier than recovering a few of these losses, giving the merged firm a market worth of greater than $50 billion, in accordance with Reuters, greater than Ford Motor. By comparability, direct competitor Tesla has a market cap of greater than $637 billion.Ahead of Monday night time’s announcement and subsequent inventory decline, latest deal hypothesis had pushed CCIV up 470% this yr alone. Upon completion of the deal, seen within the second-quarter, Lucid is predicted to be listed on the New York Stock Exchange below the ticker LCID.”I feel that the valuation is a mirrored image of our know-how,” Rawlinson mentioned, whereas including that extra work must be carried out for Lucid to generate investor return. “What we have to now could be humbly and diligently execute and get this into manufacturing. That is what’s going to actually drive the worth,” he burdened, in recognition that manufacturing an electrical automotive on a mass scale is a troublesome endeavor.Deliveries of Lucid’s first automotive, the all-electric Air, at the moment are set for the second half of this yr, a delay from its earlier forecast. Production will happen at a plant the corporate inbuilt southeast of Phoenix in Casa Grande, Arizona. The Air begins at $77,400, with out together with the federal EV tax credit score.Lucid initiatives it is going to earn $2.9 billion in EBITDA, or earnings earlier than curiosity, taxes, depreciation and amortization, in 2026, in accordance with an investor presentation. It initiatives to ship 251,000 autos that yr. In addition to the luxurious Air, Lucid plans to start producing an SUV in 2023 and ultimately “extra inexpensive” autos down the highway. Batteries made by Lucid’s know-how division, Atieva, are presently used on the electrical racing circuit Formula E.”I feel we have got an bold however but realizable plan. We’ve proven that we are able to government,” Rawlinson mentioned. “If you take a look at the manufacturing unit we have constructed at present, we did that in document time.”Rawlinson additionally talked concerning the expertise of the executives and managers round him, together with these with previous profession stops at corporations such Tesla and Apple. The investor presentation mentioned former officers from conventional automakers such Mazda, Ford and Audi are additionally on board. “We’ve obtained the experience. We’ve obtained the monitor document at supply,” mentioned Rawlinson, who labored on the Model S whereas at Tesla. “What’s actually necessary now, although, significantly the subsequent few months, is to get our first product into manufacturing. That’s the nice litmus.”