US luxury automaker Lucid is gearing up for a significant move into China’s auto market, the largest globally. Reports indicate that Lucid aims to sell imported vehicles in the country, with potential plans for local production. The company’s China operations, led by Zhu Jiang, are working on this strategic expansion.
According to an unnamed source, Lucid is not only considering importing vehicles to China but is also exploring the possibility of local manufacturing. While Zhu Jiang confirmed the company’s intent to enter the Chinese market, he refrained from disclosing specifics regarding local production strategies.
This development comes on the heels of Lucid’s recent announcement to secure $3 billion in funding, primarily from Saudi Arabia’s Public Investment Fund. Lucid’s CEO, Peter Rawlinson, cited the challenge posed by rising interest rates as a factor impacting the company’s first-quarter revenues and the reduction in its 2023 production forecast.
As Lucid sets its sights on the dynamic Chinese auto landscape, industry watchers anticipate the brand’s unique luxury offerings to make a notable impact in this thriving market.