American Auto

Lucid has a team in China exploring the viability of entering the market, though there's no specific timeline yet.

Ford once had high hopes for the Mustang Mach-E in China, setting up a separate company to run the business. Now, the US carmaker is scaling back its ambitions in the business.

The Optiq is smaller in size than Cadillac's only EV currently on sale in China, the Lyriq, and is expected to take on stiff competition at lower prices.

Cadillac has turned a package of benefits into an option that reduces the Lyriq's prices in China by RMB 60,000 and also offers a limited-time discount of RMB 18,000 on the model.

The Buick Electra E4 starts at RMB 189,900 in China, with deliveries set to begin in July.

"They developed very quickly, and they developed them in large scale. And now they're exporting them," Bill Ford said.

Only about 2 months ago on April 13, Buick launched the Electra E5 SUV -- its first model based on GM's Ultium platform -- in China.

"I believe we can get production up and running in China as early as next year, potentially adding capacity of 75,000 Fisker Oceans annually," Fisker CEO said.

The Mustang Mach-E team will be integrated back into Ford China and the separate entity running the project will be written off in the future, according to local media.

Zhu Jiang, a former executive at Nio, Ford and Jidu Auto, has joined Lucid to head up its China operations, and he said Lucid is starting to prepare for its entry into the country.