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Chinese EV startup Iconiq may go public in US$4 billion US SPAC deal - Bloomberg

Chinese electric vehicle startup Iconiq Motors is considering going public in the United States through a merger with a blank-check firm that would value the combined group at around US$4 billion, Bloomberg reported on Friday, citing people familiar with the matter.

Iconiq could become publicly traded as soon as the end of this year, Bloomberg reported, adding discussions were at an early stage and had no guarantee of success.

Iconiq Motors, which partners with auto supplier Magna Steyr and Microsoft Corp, was founded in 2016 by Chinese entrepreneur Alan Wu and has offices in Tianjin, Shanghai, and Dubai.

The company did not immediately respond to a request for comment.

Several other prominent electric vehicle players have also merged with special purpose acquisition companies (SPACs) to go public, such as Lucid Group, Fisker and Nikola.

(Reporting by Sarah Morland in Gdansk; Editing by Mark Potter)

Source: Reuters


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