The electric vehicle startup Lucid Motors is going public via merger with the special purpose acquisition company Churchill Capital Corp IV at a valuation of $24 billion, the companies said Monday.

Why it matters: The high value of the transaction with the blank-check firm headed by former Citi exec Michael Klein underscores how Lucid could be well positioned in the growing market.

Xos Inc., an electric truck company that counts UPS among its customers, said this morning that it's going public at a $2 billion valuation via a reverse merger with NextGen Acquisition Corp.

Why it matters: The California-based Xos' deal is the latest in a wave of electric vehicle companies going public via mergers with special purpose acquisition companies, signaling heavy investor interest in the sector.

While competitors like GM and Volkswagen are going all-electric, Toyota argues that a mix of hybrids, plug-in hybrids and EVs is better for the environment.

Why it matters: Battery electric vehicles (BEVs) aren't for everyone, and a new analysis shows that even people who own BEVs don't drive them as far as the average gasoline-powered car.

These are busy days for the California-based electric vehicle tech company Proterra, which is soon to go public as part of the SPAC-wave sweeping the sector.

Driving the news: This morning the European company Volta Trucks announced that Proterra will supply batteries for its "Volta Zero" urban freight delivery vehicle.

Tesla is riding high these days, but two developments could create reputational risks for the world's most valuable car company.

Driving the news: Tesla is beginning to face criticism over the climate effects of its big new investment in bitcoin and the decision to accept it as payment — even though electric vehicles are lower-CO2 alternatives to gasoline vehicles.

Alternative vehicles have become the new biotechs, often racing into the public markets with little to no revenue.

Driving the news: Hyzon Motors, a hydrogen fuel cell truck and bus startup, is going public via SPAC at a $2.7 billion valuation. Its technology is commercialized, unlike Nikola, but says it plans to have only 5,000 vehicles delivered by the end of 2023.

Electric vehicle owners in California drive them less than half as many miles annually as the average gasoline-powered car in the U.S., a new analysis shows.

Why it matters: The finding "raises important questions about the potential for the technology to replace a vast majority of trips currently using gasoline," the working paper concludes.

Ford plans to invest $22 billion in vehicle electrification through 2025, an amount that's nearly double its prior plans, the company said.

Why it matters: The announcement is the latest sign of how the world's biggest carmakers are pouring more resources into tech that's still a tiny slice of the auto market.

The electric bike company Rad Power Bikes has landed $150 million in new funding to expand its operations, including plans to widen its retail and service network.

Driving the news: Funders include Morgan Stanley, Fidelity, the Rise Fund, existing investor Vulcan Capital and others.

General Motors (GM) is racing to prepare itself for a president and a world that takes climate change more seriously — and putting the Trump era behind them in the process.

Driving the news: GM yesterday announced an ambitious plan to end global sales of internal combustion vehicles by 2035. It's part of their wider new pledge to be carbon neutral by 2040.