Lucid Eyes Share Of China's Fragmented EV Market

Electric vehicle maker Lucid Group, Inc (NASDAQ:LCID) braced to enter China as it started hiring in the largest EV market.
Lucid recruited a dozen positions in Shanghai, TechCrunch reports from its LinkedIn posts.
The roles range from product management, marketing, sales, public policy, design, and supply chain management, to software development.
Also Read: Tesla Forays Southeast Asia's Largest EV Market Dominated By Chinese Rivals
Lucid's activities signaled it's more likely to import vehicles to China than manufacture locally as Tesla Inc (NASDAQ:TSLA) does, at least shortly.
Lucid hunted for a product manager to capture customer needs in the greater China region.
It needed someone to figure out the country's charging infrastructure.
It hired talent for localization in marketing, UX, Android development, and branding.
Lucid also recruited staff to manage its supply chains from Shanghai.
Lucid tapped Chinese suppliers, including Shenzhen-based lidar maker Robosense, for its vehicles sold in the U.S.
Aside from Tesla's stronghold, domestic players, including BYD Co, Ltd (OTC: BYDDF) (OTC: BYDDY), XPeng Inc (NYSE: XPEV), and Nio Inc (NYSE: NIO) dominated the China EV market. The players expanded to Europe to diversify revenue streams.
Price Action: LCID shares traded higher by 1.56% at $7.80 in the premarket on the last check Thursday.