Shulou(Shulou.com)11/24 Report--

CTOnews.com Lucid chief engineer Eric Bach confirmed in an interview with CNBC that the electric vehicle maker is looking to sell cars in China at some point in the future and has made initial investments, but has not yet determined when to enter the world's largest electric vehicle market. Earlier, Lucid hired Zhu Jiang, a former executive at Jidu.

"Every automaker has had to or has done in-depth research into the Chinese market," Lucid chief engineer Eric Bach told CNBC at the IAA auto show in Munich, Germany. As we've seen, this is probably the largest and fastest adoption market for electric vehicles in the world, and it's something we're exploring and investing in. "

"We haven't announced a date to enter the Chinese market because we need to be ready. Bach added,"If you enter the Chinese market the wrong way, you can make a lot of mistakes. He also said the company has a team in China exploring the feasibility of entering the market.

"We need to determine how we're going to get in? What is our pricing strategy? What is our manufacturing strategy? Bach said,"So we're looking at what we should do as a young manufacturer, and we'll do well. "

While considering expansion, Lucid also faces some difficulties. Lucid laid off about 18% of its workforce in March because of sluggish demand. In addition, the company's second-quarter net loss widened, but revenue grew. Lucid delivered 1404 Air sedans in the second quarter, below Wall Street expectations.

Lucid has positioned itself as an expensive luxury brand. At the IAA auto show, the electric car maker showed off its Air Midnight Dream Edition, a limited edition of the Lucid Air electric sedan.

But the company is now considering expanding its offerings into lower-priced categories. Bach confirmed that a midsize car could be launched in 2026, saying the company would eventually move into the mass market segment of around $20,000, but that it would take some time.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.