Why Churchill Capital IV Stock Is Up Today

Shares of Churchill Capital Corp IV (NYSE: CCIV) climbed as much as 4% higher on Friday morning after the closely watched SPAC and its merger partner Lucid Motors set a date to finalize their combination. It is a bit later than the companies had originally intended, and investors seem pleased to hear definitive word the deal is on track.

Lucid Motors is among the electric vehicle start-ups trying to position themselves as the next Tesla, and investors seem drawn to its prospects. The company's Air sedan should start rolling off the assembly line later this year, with plans to add an SUV and a home battery pack in the years to come.

Image source: Lucid Motors.

Source Fool.com