Lucid Group has struggled to manufacture its electric vehicles in high volumes and in a profitable manner.

Silvio Napoli, former head of Schindler Holding, will take over as the new CEO of Lucid Group.

Lucid Group plans to start production of a midsize vehicle later this year with a target price of around $50,000.

A Reuters report suggested Tesla may be reconsidering development of a vehicle priced below the Model 3 and Model Y, though Tesla China representatives denied the report.

Tesla's "Full Self-Driving" system has not yet lived up to its name and still requires driver supervision, with regulators remaining extremely skeptical of its capabilities.

The autonomous vehicle market is still in its early stages, with Waymo having only a few thousand cars deployed on U.S. roads.