Lucid Motors may go public this week: report

US Electric vehicle manufacturer Lucid Motors Inc. is nearing a deal to go public through a merger with a special purpose acquisition company (SPAC) started by investment banker Michael Klein as early as this week, Bloomberg reported, citing people familiar with the matter.

The special purpose acquisition company has been in talks to raise between $1 billion and $1.5 billion in funding from institutional investors to support the transaction, the report added. The valuation and the amount of additional funding could still change based on investor demand.

In January, Bloomberg reported that Lucid Motors is in talks to go public through a merger with one of Michael Klein’s SPAC, with the transaction likely to be valued at up to $15 billion.

The Public Investment Fund (PIF) owns a 67% stake in Lucid Motors with an investment worth $1.3 billion, according to its governor Yasir Al-Rumayyan.