Lucid Group, the US-based luxury electric vehicle (EV) manufacturer, is planning to enter the Chinese auto market, according to Zhu Jiang, the company's head of China operations.
While Lucid will initially sell imported cars in China, it is also considering local production in the country. The move comes as Lucid battles mounting losses and tightening cash reserves amid a price war sparked by market leader Tesla.
The company plans to raise $3bn through a stock offering, with nearly two-thirds of the funding coming from Saudi Arabia's Public Investment Fund.
The funding will help Lucid bring advanced EV technology and products to users globally at a faster pace, Zhu said.
