Lucid Eyes Expansion Into Chinese Market, Confirms Plans For Mass-Market EV Models
Portfolio Pulse from Benzinga Neuro
Lucid Motors (NASDAQ:LCID) is planning to expand into the Chinese EV market and introduce mass-market electric vehicle models. The company has not yet established a timeline for this expansion. Lucid is also planning to expand its product range into lower-price categories, with a mid-sized car model potentially unveiled by 2026. This comes amid a difficult period for Lucid, which cut about 18% of its workforce in March due to declining demand and reported increasing net losses for the second quarter.
September 07, 2023 | 3:16 am
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Lucid Motors is planning to expand into the Chinese market and introduce mass-market models. This comes amid a difficult period for the company, which has seen declining demand and increasing net losses.
The news of Lucid's expansion into the Chinese market and introduction of mass-market models could potentially boost investor confidence in the company's growth prospects. However, the company's recent workforce cuts and increasing net losses may offset any positive impact. Therefore, the short-term impact on the stock is neutral.
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