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Luxury electric vehicle maker Lucid Motors Inc has roped in a former executive of Alphabet Inc's (NASDAQ:GOOGL) (NASDAQ:GOOG) self-driving unit Waymo as its chief financial officer, Bloomberg reported on Wednesday.
What Happened: The Saudi Arabia-backed EV-maker has named Sherry House, previously treasurer and head of investor relations at Waymo, as finance chief, and start the new role this week, the Bloomberg report noted.
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The California-based company had in February agreed to merge with SPAC Churchill Capital Corp IV (NASDAQ:CCIV). The deal is expected to close in the second quarter and generate $4.4 billion in cash for Lucid.
See also: How to Buy Lucid Motors IPO Stock
Why It Matters: Lucid CEO Peter Rawlinson said House's technical experience will bolster "core leadership team in a pivotal year for Lucid as we prepare to transition to a publicly traded company and launch the Lucid Air.”
Lucid plans to start making its first all-electric Lucid Air luxury sedan in the second half of this year and the Gravity SUV is scheduled to be released in 2023.
Lucid is among a host of EV startups that have taken the SPAC route to go public. Rawlinson, a British engineer based in California, was previously chief engineer on Tesla's Model S.
See Also: Elon Musk Plays Down Lucid CEO's Role With Tesla, Says Rawlinson Was 'Never Chief Engineer'
The development also comes at a time when Waymo, regarded as a leader in autonomous-car development, named Tekedra Mawakana and Dmitri Dolgov co-CEOs after John Krafcik stepped down from the position.
Price Action: CCIV shares closed 3.74% lower at $19.17 on Tuesday and were up 3.50% in premarket trading on Wednesday.
Read Next: How Lucid's Plans For The Future Differ From Rival Tesla
Photo Courtesy: Lucid Motors
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.