Lucid Motors is strengthening its executive and technical leadership team, hiring people from Waymo, Intel and Xperi as it prepares to become a publicly traded company. The automaker said on Wednesday that Sherry House, who previously worked at Waymo, would be its new chief financial officer.
House was with Waymo for four years, most recently as Treasurer and Head of Investor Relations. Prior to Waymo, she was Vice President of Corporate Development at Visteon Corporation and Managing Director of Technology, Media and Telecommunications at Deloitte Corporate Finance.
The electric vehicle maker also named Margaret Burgraff, who previously held positions at Apple and Intel, as vice president of software validation, Sanjay Chandra as vice president of information technology and Jeff Curry. as Vice President of Marketing and Communications. Burgraff most recently served as Vice President of Global Developer Relations at Intel, where she was responsible for co-engineering and enabling global ISVs to work with Intel’s product portfolio. She was also a partner at Continuous Ventures, a global venture capital and private equity firm that primarily supports tech startups.
Chandra has left her role as CIO and COO of operations at TiVo / Xperi to join Lucid. He has also worked on PayPal, Virgin Mobile and Workday. Curry most recently held a marketing manager position at the Jaguar brand and worked at Ferrari and Audi. Curry has also held marketing positions outside of automotive, including a vp level at SiriusXM. He is the founding partner of the brand strategy consulting firm Mere Mortals.
The new hires come just weeks before Lucid’s merger with special acquisition firm Churchill Capital IV Corp. closed, officially making it a publicly traded company. The merged company, in which Saudi Arabia’s sovereign wealth fund will remain the largest shareholder, will have a transaction value of $ 11.75 billion. Private investment in the private equity transaction is valued at $ 15 a share, bringing the implicit pro forma value of equity to $ 24 billion. Churchill’s private investment and liquidity will provide approximately $ 4.4 billion in total funding to Lucid.
The public listing will provide Lucid with the capital it needs to start production of its first fully electric vehicle, the luxury Lucid Air. The company originally planned to start production and first deliveries in the spring, but pushed the date back to the second half of the year. Air will arrive in North America first, followed by Europe in 2022 and China in 2023.
Lucid is also aiming to market a second vehicle, this time a performance luxury SUV called Gravity, in North America in 2023. The vehicles will be produced at its new plant in Casa Grande, Arizona. The initial phase of the $ 700 million plant was completed late last year and will have the capacity to produce 30,000 vehicles per year. Ultimately, Lucid plans to expand the plant in three more phases to achieve a production capacity of 365,000 units per year.