What happened Shares of Churchill Capital IV (NYSE: CCIV.U) were having a wild ride on Friday, amid rumors that the special purpose acquisition company (SPAC) was close to announcing a deal to merge with electric-vehicle maker Lucid Motors. As of 1:15 p.m. EST, Churchill's shares were up about 8% from Thursday's closing price. They had been up as much as 21% -- and at one point, down over 6% -- earlier in the session. So what Churchill Capital IV has drawn intense interest since Bloomberg reported on Monday that it could be close to a merger with Lucid. The interest isn't hard to understand: Electric-vehicle stocks have had huge gains over the last year, and -- unlike some of the companies that have gone public in that time -- Lucid is close to shipping its first vehicle, the innovative Air luxury sedan. Lucid's electric Air luxury sedan, a direct rival to the Tesla Model S, starts at $80,000. Shipments will begin this spring. Image source: Lucid Motors. In fact, it will be a bit surprising if Lucid agrees to a deal with Churchill -- or with any other SPAC, for that matter. The company raised $1 billion from Saudi Arabia's sovereign wealth fund in September of 2018, using that money to build a factory in Arizona and to complete development of the Air. Why are investors so excited? Because Lucid has a strong order book for the Air and a second model (a luxury SUV) in the pipeline, and it expects to begin shipping the Air this spring. Now what It's possible that the deal will be announced very soon -- maybe as soon as Friday afternoon. If so, auto investors should listen carefully to CEO Peter Rawlinson's reasoning for doing the deal before diving in -- but that said, Lucid's track record to date inspires some confidence. 10 stocks we like better than Churchill Capital Corp IVWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Churchill Capital Corp IV wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 John Rosevear has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source