Lucid Group Inc (LCID)

[Ruby Tuesday]

For now the private Newark, California-based company is paying for Air’s development and production with a $1.3 billion investment in 2018 from Saudi Arabia’s Public Investment Fund, which, according to Pitchbook, valued the company at $15 billion. That’s on top of the $150 million the company had previously raised. But making cars is expensive and Rawlinson knows he has to find even more money and is looking to list shares publicly, possibly via a SPAC. Though he’d previously considered SPAC a “dirty word,” that’s changed. “That was the financier’s view, that was Wall Street's view of SPACs, not so long ago. I think I would say what a difference a year makes,” he says, without confirming a specific plan.