The first Nasdaq bell for Lucid Motors. Yesterday at the opening of the stock market on Wall Street, the Tesla competitor, also from California, officially merged with Churchill Capital Corp IV ($CCIV), a blank check company with which it had decided to go public in the form of a SPAC.

Lucid Motors went public and climbed 10.4% to $26.7 a share. Previously, CCIV stock had seen a lot of speculation in February (up to $58) when it confirmed the upcoming merger with the electric car maker. The bubble has since burst and trading was concentrated around $20.

The company’s current capitalization is $6.27 billion, according to MarketWatch data. A “risky” investment, commented Matthew Kennedy, senior strategist at Renaissance Capital, which offers an IPO ETF. For him, “a company with no revenues and such a large market capitalization” is dangerous.

A few minutes before the start of trading, Lucid boss Peter Rawlinson was speaking about the company’s situation, and confirming that the commercialization timetable will be maintained. “We’re still on track to bring the Lucid Air to market this year,” he said, providing reassurance on the company’s revenue issue.

Still, Lucid Motors will need strong confidence from its investors to get through this new phase. The company will be expected to turn the corner in its sales and therefore will have to provide sufficient production capacity. A point that the CEO was also addressing in New York on Monday.

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In its calendar, Lucid Motors has a second model planned, which will be launched next year. It will be an SUV, much like Tesla did with the Model X. After that, a cheaper, compact model will arrive once production capacity is more important. Once again, this reminds us of Tesla with the Model 3. So everything remains to be done to avoid going down like Nikola Motors.