I ve been bullish on Tesla for the last 10 years. It s hard to imagine an auto company executing better than Tesla has, Westly said on Power Lunch, referencing the company increasing its revenue to $31.5 billion in 2020 as well as its future projections.
For example, in its earnings release in late January, Tesla said across a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries. No one else in the auto world is doing that. Having said that, Tesla is not going to be king of the hill in electric forever, said Westly, a venture capitalist who also was an early investor in Tesla. He now serves as managing partner of The Westly Group.
US electric automaker Lucid Motors Inc on Monday announced that it would go public via a merger with a company that valued it at US$24 billion.
The California-based start-up has chosen to go through a SPAC, or “special purpose acquisition company,” which is a company with no commercial activity whose aim is to raise funds by going public.
The SPAC, Churchill Capital Corp IV (CCIV), contributed US$2.1 billion, and Lucid also negotiated US$2.5 billion from investors including BlackRock, Fidelity Management & Research LLC, Franklin Templeton and Neuberger Berman.
“The transaction values Lucid at an initial pro-forma equity value of approximately US$24 billion,” the
U.S. companies have been quietly toiling behind the scenes to get vaccines for their employees as soon as possible, offering to help government officials distribute the shot as a way to enhance the economic recovery that they depend on.
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