Lucid Motors, a luxury electric vehicle (EV) manufacturer based in the United States, has revealed plans to enter the Chinese automotive market. The head of Lucid’s China operations, Zhu Jiang, confirmed the company’s intention to Reuters. While Lucid currently plans to sell imported cars in China, it is also considering local production in the country.
Zhu Jiang, who has extensive experience in the auto industry, previously worked at Jidu Motor, the EV division of Baidu, a leading Chinese technology company. Before that, he served as Ford Motor’s project leader for the Mach-E in China.
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In a recent announcement, Lucid stated its aim to raise approximately $3 billion through a stock offering, with a significant portion of the funds coming from Saudi Arabia’s Public Investment Fund (PIF). Zhu Jiang believes that this funding will accelerate Lucid’s ability to introduce advanced EV technology and enhance the overall product experience for global consumers.
China, as the world’s largest auto market, eagerly anticipates Lucid’s entry into the country. However, like its competitors, Lucid faces challenges such as mounting losses and tightening cash reserves due to recession concerns and a price war ignited by Tesla, the current market leader in the EV industry.
Source: Reuters
