Why Churchill Capital Corp IV Is Trading Higher Today

Churchill Capital Corp IV CCIV is trading higher Tuesday after it was reported that Rivian Automotive could seek a $70 billion valuation in its expected IPO later this year.

Lucid Motors is set to go public via the special purpose acquisition company Churchill Capital Corp IV in the second half of 2021. 

What Happened: It was reported that Rivian Automotive, the electric truck startup backed by Amazon.com Inc AMZN and Ford Motor Co F, could be valued as high as $70 billion when it makes its way to the public markets. The company plans to start production of an electric pickup truck and SUV in late 2021. 

Lucid Motors is valued at roughly $35 billion based on the current price of Churchill Capital Corp IV. Lucid Motors held its "The Lucid User Experience" event on Wednesday in which the company detailed the technology inside its vehicles.

Price Action: Churchill Capital Corp IV traded as high as $64.86 as investors anticipated its merger announcement with Lucid Motors in February.

At last check Tuesday, the stock was up 12.20% at $22.13.

Photo courtesy of Lucid Motors.