- Lucid is exploring selling its cars in China, but doesn’t have a timetable for entering the world’s largest electric vehicle market, a senior executive told CNBC.
- The comments come after Lucid hired Zhu Jiang, a former CEO at Chinese electric car startup Nio.
- Lucid also confirmed that a mid-size car could be unveiled in 2026. He added that the company will eventually enter the mass market segment.
Lucid Air Midnight Dream Edition.
MUNICH — Lucid is exploring selling its cars in China, but doesn’t have a timetable for entering the world’s largest electric vehicle market, a senior executive told CNBC.
The comments come after Lucid hired Zhu Jiang, a former CEO at Chinese electric car startup Nio.
“Every auto manufacturer has to look very deeply or has already looked at China. It’s the largest auto market in the world. It’s likely to be the largest and fastest growing electric vehicle market in the world as we see it,” Eric Bach, Lucid chief engineer, stated. He told CNBC in an interview on Tuesday at the IAA Auto Show in Munich, Germany.
“It’s something we’re exploring and investing in.”
If you enter China on the wrong terms, you can make a lot of mistakes.
Chief Engineer at Lucid Corporation
Bach said the company has quadrupled factory space at its Arizona plant. It is also in the process of launching an SUV called Gravity. So, Bach said, there’s “strain on the system” so Lucid will need to figure out how much it can take now.
If Lucid expands in China, the American company will enter one of the most competitive electric vehicle markets in the world. Lucid will take on a large number of domestic players in China from BYD to Nio as well as US giant Tesla.
“We haven’t set a date to enter the market yet because we just need to get it right,” he added. “If China enters on the wrong terms, it can make a lot of mistakes,” he added.
Bach said there is a team on the ground in China that is exploring the feasibility of entering the market.
“We need to focus, how are we going to get in? What is our pricing strategy? What is our manufacturing strategy?” Bach said.
“So we’re looking at the full scope of what we have to do as a young manufacturer, and we’re going to get it right.”
But the company is now looking to expand its products to lower price categories.
Bach confirmed that a mid-size car could be unveiled in 2026. He added that the company will eventually move into the mass market segment, where cars are priced around $20,000.
And Bach admitted that this will take some time.
“To build economies of scale and be able to achieve those price points, you have to have a very strong supply base that is able to give you the right pricing,” said the chief engineer.
“And here we start from the top down so we can build that trust, win it, build the networks, build our logistics systems – and then also get that volume and revenue from the midsize car eventually, to fund the investment in mass-market production.”
(tags for translation) Technology