SHANGHAI — U.S. luxurious electrical car (EV) maker Lucid Group is making ready to enter the world’s largest auto market, its head of China operations Zhu Jiang mentioned on Thursday.
Lucid will promote imported automobiles in China whereas additionally contemplating native manufacturing within the nation, in response to an individual conversant in the matter who was not authorised to talk with media.
Zhu confirmed to Reuters that the corporate was making ready to enter the Chinese language market. He declined to touch upon any plans for native manufacturing.
The auto business veteran beforehand labored at Jidu Motor, the EV arm of native expertise large Baidu, and earlier than that was Ford Motor’s Mach-E mission chief in China.
Lucid final week mentioned it deliberate to lift about $3 billion via a inventory providing, almost two-thirds of which can come from Saudi Arabia’s Public Funding Fund (PIF).
Zhu mentioned the funding would assist Lucid “convey the superior EV expertise and product expertise to the business and customers globally at a quicker tempo.”
“China can be trying ahead to it,” he mentioned.
Lucid, like its friends, is battling mounting losses and tightening money reserves amid recession fears and a value conflict sparked by market chief Tesla.
The corporate final month trimmed its 2023 manufacturing forecast and reported lower-than-expected first-quarter income, with CEO Peter Rawlinson citing rising rates of interest as a problem to the market.
Within the U.S., it has largely shied away from decreasing costs on its Air luxurious sedan that begins at $87,400.