ArenaEV.com ArenaEV.com

Facebook

Twitter

Instagram

RSS

Settings
Units
Power
Standard
Consumption
Currency

Log in

Login

I forgot my password
Sign up
ADVERTISEMENTS

Lucid hires former Nio exec in preparation for China entry

  • Post your comment

Max McDee, 08 June 2023

Lucid

Following Lucid's website going live last year and the first hiring campaign beginning in December, just in time for Christmas, the US automaker has now appointed the head of its China operations. Zhu Jiang will take the helm and lead the company's planned expansion into the Chinese market.

Zhu Jiang is an automotive veteran, he served as an executive at Nio, Ford, and Jidu Auto. In 2003 he joined BMW as a head of marketing and was the director of Mini between 2008 and 2012. After that, he worked at Lexus heading its Chinese operations, and eventually, in 2017 he became the vice president of Nio. In 2020 he became the COO of Ford China and was responsible for bringing the Mustang Mach-E to the market.

Lucid hires former Nio exec in preparation for China entry

His appointment as the head of Lucid in China confirms the company’s ambitions to enter the world’s largest EV market. The company already has a team in place that is working on developing supply chain connections and preparing marketing and retail operations. While initially the company plans to sell US-made Lucid Air, and later Gravity models, eventually the company plans to manufacture them in Shanghai, where its team is based.

Lucid has just announced its funding round and confirmed that its largest shareholder, Saudi Arabia’s Public Investment Fund will contribute $1.8 billion of additional funding, followed by $1.2 billion in common stock shares to be sold on the open market. This is on top of Lucid's $3.4 billion in cash reserves and further $700 million in available credit.

Lucid hires former Nio exec in preparation for China entry

The company managed to produce 2,314 Lucid Air units in the first three months of this year, 1,406 of those vehicles were delivered which represents a triple increase when compared to the same period last year. Lucid generated nearly $195 million in revenue in Q1, and it plans to build between 10,000 and 14,000 vehicles this year. The Lucid Gravity SUV is on track and will be unveiled later this year.

It’s no surprise Lucid wants a slice of the Chinese EV cake. China commands 56% of global EV markets, while the US just overtook Germany. The latest report from Counterpoint puts China far ahead of the rest of the world. EV sales in China have gone up by 29% year-on-year despite overall passenger car sales dropping 12%. Tesla Model Y is holding the title of the world's best-selling vehicle, and although Lucid isn’t selling EVs in the same category, with the luxury EV market in China booming - the US automaker sees an opportunity not to be missed.

Via

This article contains localized units and prices. Change settings.
Your choice
Related articles
  • Lucid Motors developing a more wallet-friendly electric vehicle Lucid Motors developing a more wallet-friendly electric vehicle
  • Lucid's first SUV to be announced in November, production is scheduled for 2024 Lucid's first SUV to be announced in November, production is scheduled for 2024
  • Lucid Air Sapphire's monster final specs revealed: 1,234 hp, 0 to 60 mph in 1.89 seconds Lucid Air Sapphire's monster final specs revealed: 1,234 hp, 0 to 60 mph in 1.89 seconds
  • Lucid Air gets a breath of fresh air with new price tags Lucid Air gets a breath of fresh air with new price tags
  • Post your comment
Total reader comments: 0

  • Home
  • Compare
  • News
  • Terms
  • Reviews
  • About us
  • Tesla
  • Volkswagen
  • Audi
  • Porsche
  • BMW
  • Mercedes
  • Hyundai
  • Kia
  • Genesis
  • Renault
  • Nissan
  • Ford
  • Volvo
  • Polestar
  • Jaguar
  • Toyota
  • Mazda
  • Mini
  • MG
  • Vinfast
  • Lucid
  • Rivian
  • Cadillac
  • Chevrolet
  • GMC
  • Subaru
  • Nio
  • Xpeng
  • BYD
  • [..]

EV finder

ADVERTISEMENTS

Latest models

  • ModelFisker
    Ocean AWD
  • ModelAudi
    Q4 e-tron Sportback 55 quattro
  • ModelAudi
    Q4 e-tron 55 quattro
  • ModelMercedes
    EQE SUV 300
  • ModelPeugeot
    e-3008 98kWh
  • ModelTesla
    Model 3 LR

Featured

  • Huge real life test shows EV range loss at -15°C Huge real life test shows EV range loss at -15°C
  • Different types of electric motors used in EVs Different types of electric motors used in EVs
  • Real-life test reveals how much range EVs lose in the cold Real-life test reveals how much range EVs lose in the cold
  • 57 electric cars range tested at highway speeds - who wins? PART 2 57 electric cars range tested at highway speeds - who wins? PART 2
  • Why DC charging peak power is misleading Why DC charging peak power is misleading
ADVERTISEMENTS

Reviews

  • Mercedes-Benz EQE AMG 43 4Matic review Mercedes-Benz EQE AMG 43 4Matic review
  • Fiat 500e review Fiat 500e review
  • Renault Megane E-Tech EV60 review Renault Megane E-Tech EV60 review
  • Zeekr 001 with 140 kWh Qilin battery real life range test results Zeekr 001 with 140 kWh Qilin battery real life range test results

Home News Compare About us RSS feed Facebook Twitter Instagram

© 2022-2023 ArenaEV.com Mobile version EV Finder Glossary Privacy Terms of use

From the team behind
GSMArena.com