Lucid Motors is the latest upstart in the automotive industry to succumb to the blank check craze currently sweeping Wall Street.

In the past year alone, at least 12 companies focusing on battery power driving have either gone public or in the process of going public by merging with a so called special purpose acquisition company.

Looses Deal.

This week, though, takes the hype toe a whole new level but almost $12 billion.

It's the biggest SPAC merger of any kind in in the industry today.

Factor in the effect of its plan to raise more capital once the entire has done on it, should be worth around $24 billion that companies estimate.

Now.

Some enthusiasm is justified.

Lucid is one of the few SPAC targets in the automotive industry with a usable product.

It's lucid.

Air Sedan is due to go on sale later this year, and it has experienced executives who've worked for Audi Feet cries the Ford Motor, General Motors, Hyundai on even tester itself.

In fact, Boss Peter Rawlinson was the chief engineer for the model s.

But shareholders in the SPAC have gone into overdrive in the public markets, plugging in evaluation of $56 billion.

That means lucid trades a multiple not only for in excess appears like Nikola and Fiscal, which also hooked up with spat companies.

But it also means it's close to the over inflated multiple sported by Elon Musk's company.

That means the Spanx investors may well be in for an electric shock.