Lucid preparing to enter China: Report

US luxury carmaker Lucid is working towards entering the world’s biggest auto market, China, Zhu Jiang who helms the China operations said, as per media reports. 

Lucid will sell imported cars in the country while contemplating producing locally in China as well, Reuters reported, citing an unnamed source. Zhu confirmed to the newswire that the company was looking to enter the Chinese market, but refused to comment on plans for local production.

The previous week, Lucid said it aims to secure US$ 3 billion in funding, a majority of which would come from Saudi Arabia’s Public Investment Fund. Lucid last month reduced its 2023 production forecast and the company’s first quarter revenues also missed expectations, as the CEO Peter Rawlinson cited increasing interest rates as a challenge to the market.