According to Zhu Jiang, the head of Lucid Group’s China operations, the American luxury electric vehicle (EV) manufacturer is getting ready to join the largest car market in the world.

According to a person acquainted with the situation who was not authorised to speak to the media, Lucid would sell imported cars in China while also taking local manufacture into consideration.

The company was getting ready to join the Chinese market, Zhu told Reuters. Regarding any prospects for local manufacture, he refrained from commenting.

The veteran of the automotive business formerly led Ford Motor’s Mach-E project in China and previously worked at Jidu Motor, the EV division of the local technology behemoth Baidu.

Nearly two-thirds of the $3 billion Lucid said it hoped to raise through a public sale will come from Saudi Arabia’s Public Investment Fund (PIF).

The money, in Zhu’s words, will enable Lucid to “bring the advanced EV technology and product experience to the industry and users globally at a faster pace.”

“China is also looking forward to it,” he said.

In the midst of recessionary concerns and a price war started by market leader Tesla, Lucid is struggling with rising losses and diminishing cash reserves, much like its competitors.

After reporting lower-than-expected first-quarter revenue last month, the company cut its output target for 2023. CEO Peter Rawlinson cited rising borrowing rates as a market problem.

It has mainly avoided cutting pricing for its Air premium sedan, which has a starting price of $87,400, in the U.S.

(Adapted from BusinessTimes.com.sg)

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