US luxury EV maker Lucid set to enter China market

U.S. luxury electric vehicle (EV) maker Lucid Group (LCID.O) is preparing to enter the world’s largest auto market, its head of China operations Zhu Jiang said on Thursday.

Lucid will sell imported cars in China while also considering local production in the country, according to a person familiar with the matter who was not authorised to speak with media.

Zhu confirmed to Reuters that the company was preparing to enter the Chinese market. He declined to comment on any plans for local production.

The auto industry veteran previously worked at Jidu Motor, the EV arm of local technology giant Baidu (9888.HK), and before that was Ford Motor’s (F.N) Mach-E project leader in China.

Lucid last week said it planned to raise about $3 billion through a stock offering, nearly two-thirds of which will come from Saudi Arabia’s Public Investment Fund (PIF).

This report’s information was first seen on REUTERS; to read more, click this link.