Electric-vehicle maker Lucid Group Inc. is âexploringâ selling its cars in China, CNBC reported late Wednesday, though there is no timeline yet.
In an interview with CNBC at the IAA auto show in Munich, Germany, Lucidâs chief engineer Eric Bach said: âItâs the worldâs largest car market. Itâs going to be likely the worldâs largest and fastest adopting EV market as we can seeâŠ. Itâs something we are exploring, we are investing in.â
Bach said there was no market-entry date yet, âbecause we just need to get it right.â
 âIf you enter China on the wrong terms, you can make a lot of mistakes,â he told CNBC.
Lucid said in June it plans to eventually expand to China, without offering details about the expansion. Lucidâs cash-flow guidance for 2022 included plans to enter China in 2023.
Bach also told CNBC that the luxury EV maker plans to launch a mid-size car in 2026, and that an affordable, mass-market car is in its future plans, once the company achieves âeconomies of scale.â
Earlier Wednesday, Baird analyst Ben Kallo launched coverage of Lucidâs stock with a neutral rating, taking a wait-and-see approach until it can ramp up its volumes.
In its quarterly earnings report last month, Lucid reported weaker sales, but kept its 2023 production outlook of more than 10,000 vehicles unchanged. In July, the EV maker reported disappointing numbers, with 1,404 vehicles delivered and 2,173 vehicles produced in its second quarter.
Lucid shares
LCID,
are down 10% year to date, compared to the S&P 500âs
SPX
16% gain this year.