Lucid Eyes Expansion Into Chinese Market, Confirms Plans For Mass-Market EV Models

Lucid Motors (NASDAQ:LCID) is currently exploring options to break into the Chinese EV market, the largest in the world while confirming plans to introduce mass-market electric vehicle (EV) models, CNBC reported. However, it has not yet established a timeline for this expansion.

The company recently brought on board Zhu Jiang, a former executive at Chinese electric car start-up Nio, bolstering its strategic position. Eric Bach, chief engineer at Lucid Motors, emphasized the importance of the Chinese market for global car manufacturers.

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Lucid is also looking at expanding its product range into lower-price categories. A mid-sized car model could be unveiled by 2026, aiming to tap into the mass-market segment, where cars are priced at around $20,000.

The proposed expansion comes amid a difficult period for Lucid, which cut about 18% of its workforce in March due to declining demand. It also reported increasing net losses for the second quarter, despite a rise in revenue.

Currently positioned as a high-end luxury brand, Lucid delivered 1,404 units of its Air sedans in the second quarter, falling short of Wall Street expectations.

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