Lucid’s chief executive has warned that the United States cannot remain isolated from competition posed by Chinese electric vehicle makers, pointing to growing pressure across the global car industry.
The comments came as the company’s new boss predicted an industry “shakeout,” suggesting that automakers may face a tougher environment as competition intensifies and businesses reassess their plans.
Lucid has also announced a $1.4bn cost-cutting programme. The move highlights the financial pressure facing the carmaker as it responds to changing conditions in the electric vehicle market.
The CEO’s remarks place Chinese EV competition and the future structure of the automotive industry at the centre of Lucid’s strategy under its new leadership.
