Lucid Motors isn’t the only EV automaker to go public with the SPAC method; Faraday Future, Nikola, and Fisker have done the same and more are expected to follow. This sort of reverse-merger works because SPACs exist only to raise sufficient capital through an IPO in order to merge with private companies. In turn, those companies are able to acquire liquidity using the public market.
Tesla, for example, followed the traditional IPO method back in 2010. Lucid does stand a good chance of success, unlike others. It’s backed by Saudi Arabia’s sovereign wealth fund and has been working closely with some top financial advisers.