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SEC's Lucid Investigation Closed, No Wrongdoing

The SEC has closed its investigation into the events and claims made around Lucid's SPAC merger with Churchill Capital Corp.

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The SEC has closed its investigation into the events and claims made around the time of Lucid's SPAC merger with Churchill Capital Corp. IV which took the EV manufacturer public.

Then known as Atieva, the merger was announced in February 2021 and valued the company at $24 billion, raising more than $4 billion for Lucid in the process.

An SEC subpoena arrived on December 3rd 2021 requesting information and documents relating to the merger, as well as claims that were made about the number of preorders for the flagship Lucid Air that had been received.

A white Lucid Air sedan is pictured driving on a mountain road with rolling hills in the background.Cases Closed
That's all in the rear-view mirror now, as Lucid has announced that the SEC has closed its investigation and does not recommend any enforcement against the EV manufacturer. The end of the SEC investigation is the latest courtroom victory for the Californian automaker, which was cleared of wrongdoing in a fraud lawsuit brought against it by Churchill Capital shareholders which claimed they were mislead by CEO Peter Rawlinson over production targets and the completion of Lucid's AMP-1 factory in Casa Grande, Arizona.

Drone shot of Lucid's AMP-1 factory in Casa Grande, Arizona

During an interview with CNBC's "Squawk on the Street" Rawlinson said that Lucid was targeting production of 6000-7000 vehicles in 2021 and that AMP-1 was "already built." In that particular case US District Judge Yvonne Gonzalez Rogers ruled that "despite media speculation, Churchill Capital Corp IV shareholders who brought the proposed class action had no reason to know in early 2021 that the SPAC would merge with Lucid."

Images by Lucid Motors licensed by CC BY 4.0.

James Walker is an Automotive Journalist at Torque News focusing on Lucid Motors. If it's got wheels he's interested, and he's looking forward to seeing what kind of cars the EV revolution brings us. Whether it's fast, slow, new, or old, James wants to have a look around it and share it in print and on video, ideally with some twisty roads involved. You can connect with James on Twitter, Instagram, and LinkedIn.

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