Lucid Group starts prepping to sell electric vehicles in China
Nikada
Lucid Group (NASDAQ:LCID) is on watch for extra volatility on Thursday after the electric vehicle maker's head of China operations said preparations are being made to sell cars in the nation.
Other sources indicated that Lucid Group (LCID) will sell imported cars in China and consider local production as part of the overall EV strategy for China. Last year, Lucid Group (LCID) began recruiting staff to manage its supply chains from Shanghai and started the process of setting up relationships with Chinese suppliers.
Last week, Lucid Group (LCID) disclosed a plan to raise about $3B through a stock offering that includes the heavy participation of the Saudi Arabia Public Investment Fund.
A company spokesperson did not add additional comments when contacted by Seeking Alpha.
Shares of Lucid Group (LCID) rose 2.35% in premarket action to $6.55 vs. the 52-week trading range of $6.09 to $21.78.
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