Eric Bach, Lucid’s chief engineer, confirmed in an interview with CNBC that the electric car maker is looking to sell cars in China at some point in the future and has made initial investments, but hasn’t yet determined when it will enter the world’s largest electric car market. The move comes after Lucid hired Zhu Jiang, a former executive at Jidu.
Eric Bach, Lucid’s chief engineer, told CNBC at the IAA auto show in Munich, Germany, “Every automaker has to or has already looked at the Chinese market in depth. As we’ve seen, it’s probably the largest and fastest market in the world to popularize electric vehicles, and it’s something we’re exploring and investing in.”
“We haven’t announced a date for entering the Chinese market because we need to be ready.” Bach added, “If you go into the Chinese market the wrong way, you can make a lot of mistakes.” He added that the company has a team in China that is exploring the feasibility of entering that market.
“We need to determine how will we enter. What is our pricing strategy? What’s our manufacturing strategy?” Eric Bach says, “So we’re looking at what we should be doing as a young manufacturer, and we’re going to do it well.”
As it considers expansion, Lucid has faced some difficulties. In March, Lucid laid off about 18% of its workforce due to low demand. In addition, the company’s net loss widened in the second quarter, but revenues grew. lucid delivered 1,404 Air sedans in the second quarter, which fell short of Wall Street expectations.
For now, Lucid has positioned itself as an expensive luxury brand. At the IAA Auto Show, the electric carmaker showed off its Air Midnight Dream Edition, a limited edition of the Lucid Air electric sedan.
However, the company is now considering expanding its offerings into lower-price categories. Eric Bach confirmed that a mid-sized car could be launched in 2026, and said the company would eventually enter the mass-market segment of around $20,000 (Currently around Rs. 146,000), but that it would take some time.
