On Thursday, Lucid Group’s president of China operations, Zhu Jiang, said the company is poised to join the world’s largest auto market.
A non-media-authorized source said Lucid would sell imported automobiles in China and pursue local production.
Zhu told Reuters the company was ready to enter China. Local production plans were unmentioned.
The auto industry veteran led Ford Motor’s (F.N.) Mach-E project in China before joining Jidu Motor, Baidu’s E.V. business.
Last week, Lucid announced a $3 billion stock sale, with approximately two-thirds coming from Saudi Arabia’s Public Investment Fund (PIF).
Zhu said Lucid would “bring the advanced E.V. technology and product experience to the industry and users globally at a faster pace” with the money.
“China is also looking forward to it,” he said.
Like its others, Lucid faces rising losses and dwindling cash reserves due to recession fears and a price battle started by market leader Tesla (TSLA.O).
CEO Peter Rawlinson cited higher interest rates as a market barrier when the company lowered its 2023 production target and reported lower first-quarter revenue last month.
It has avoided discounting its $87,400 Air luxury car in the U.S.
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