Lucid Group Inc (NASDAQ:LCID), the electric vehicle (EV) manufacturer, is cautiously eyeing expansion into China, the world's largest EV market, according to Eric Bach, the company's chief engineer.
The move comes after Lucid hired Zhu Jiang, a former executive at Chinese EV start-up Nio.
While Bach emphasised the need to enter the Chinese market on the right terms to avoid pitfalls, he revealed that Lucid is already investing in exploring the market's viability.
The company faces challenges, including stiff competition from domestic and international players like BYD, NIO Inc, and Tesla Inc (NASDAQ:TSLA).
Lucid is also grappling with "stress on the system" as it quadruples its Arizona factory space and prepares to launch an SUV named Gravity.
Amid these developments, the company is considering diversifying its product range to include mid-sized cars by 2026 and eventually entering the mass-market segment.