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Lucid stock rises on plans to join China's EV market: Report

Yahoo Finance

Reuters is reporting that luxury electric-vehicle maker Lucid is planning to sell imported cars in China, the world's largest automobile market. The move would create further competition with Tesla, one of the largest EV sellers in the nation.

Video transcript

RACHELLE AKUFFO: All right. Well, let's take a look at shares of Lucid. The stock trading higher after the US luxury electric vehicle maker's head of China operations said the company was preparing to enter the world's largest auto market.

According to a Reuters report, Lucid will sell imported cars in China. And may even consider opening a production plant. Lucid would be in steep competition with Tesla, one of the largest EV Sellers in the nation. And while the news is sending shares higher to the tune of about 1% at the moment, the road ahead for Lucid seems unclear.

Investors remain concerned about its profitability after the EV maker reported a Q1 revenue and earnings miss last month.