A Michael Klein-backed SPAC is popping on rumors of bringing an electric vehicle company public.

What Happened: Lucid Motors is in talks to go public with Churchill Capital Corp IV CCIV, according to Bloomberg.

The deal could value Lucid Motors at $15 billion. Lucid Motors is backed by Saudi Arabia’s sovereign wealth fund.

Why It’s Important: Lucid Motors is one of the most established private electric vehicle companies, according to the report. Lucid is targeting the luxury end of the electric vehicle market with the $169,000 Air EV scheduled for delivery in the second quarter of 2021 for the U.S. market.

Lucid Motors plans on a more affordable version of the vehicle in 2022.

Related Link: 10 SPACs Trading Under $11 For Investors To Consider In 2021

Peter Rawlinson is the CEO of Lucid Motors. Prior to working for Lucid, he was the chief engineer on the Model S sedan at Tesla Inc TSLA.

Lucid Motors Chairman Andrew Liveris has a history with Michael Klein as the two worked together on deals while Liveris was the CEO of Dow Chemical DOW.

CCIV Price Action: Shares of Churchill Capital Corp IV are up 22% to $12.28 at the time of writing. Shares spiked 40% earlier Monday, hitting new highs of $13.96.

Disclosure: The author has a long position in shares of CCIV.