Some Smart 🚗 – #EV stuff!

⚜️Apple is no longer in talks with Hyundai Motor Company to build their Apple car.(more here)

⚜️Apple reportedly had $195.57 billion in cash on hand for Q1 2021(more here). To put that into perspective, Hyundai has a market cap of of 20.1 billion, Ford Motor Company has a market cap of $46 billion.

⚜️There is another player in the EV space, which is notable. But it has not released even a single car so far – Lucid Motors. They claim their cars – Lucid Air Series – have a 17% more efficient battery than Tesla and provides mileage of over 500 miles!

⚜️ Lucid Motors recently announced their merger with the SPAC Churchill Capital Corp IV headed by Michael Klein. At that time it was valued at $24 billion. After the announcement, CCIV shares saw an uptick, effectively giving Lucid Motors a lofty valuation of over $65 Billion – For a company that has NOT EVEN SOLD A SINGLE CAR!(more here)

⚜️ It is to be noted that Lucid Motors is headed by former a Tesla Chief Engineer, who worked on the Model S.

⚜️Though Lucid Motors appears to be a competition for #tesla, Its CEO Peter Rawlinson told TechCrunch that “..the Air is meant to be a rival of the Mercedes S Class…”(more here)

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Shreesha S
Shreesha writes about Business, Finance and Tech for The Snippets Journal. He is also the Founder and Head of Content Development.
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