Lucid Motors Inc. is in talks to go public through a merger with one of Michael Klein's special purpose acquisition companies, according to people familiar with the matter. A transaction could be valued at up to $15 billion, the people said, asking not to be identified because the matter is private. Lucid, which is backed by Saudi Arabia's sovereign wealth fund, is working with financial advisers, the people added.

The talks are ongoing but could still fall apart. Churchill Capital Corp. IV (NYSE:CCIV) is the vehicle considering a deal with Lucid, some of the people said.

Churchill Capital Corp. IV jumped as much as 40% in New York trading on January 11, 2021. The shares closed up 32% to $13.20.

Representatives for Lucid Motors and Klein declined to comment.