The electric car startup Lucid Motors is in talks to go public through a merger with a special-purpose acquisition company and is eyeing a valuation of up to $15 billion from a merger, Bloomberg reports.

Lucid Motors is a popular electric car startup whose first vehicle, the Lucid Air (pictured above), is aimed at being a major challenger to Tesla. Notably, the company is led by a Chief Executive Officer (CEO) who previously worked at Tesla and was the Chief Engineer for its Model S project.

Lucid is majorly backed by the Public Investment Fund (PIF) of Saudi Arabia, which holds a reported 67% stake in the electric car startup that it got with a $1.3 billion investment. In a case where Lucid debuts on the public markets through a SPAC merger, the Saudi sovereign wealth fund could be on the line for a big monetary profit from its stake in the company.

The SPAC that Lucid is reported to be in talks with is Churchill Capital Corp IV (NYSE:CCIV). It raised more than $2 billion from its public listing last year, money that’ll be handed to Lucid in the case of a merger.

Photo credit: Lucid Motors

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