Why Lucid Group Stock Is Trading Lower Today

Lucid Group LCID shares are trading lower amid weakness in the EV space after Tesla TSLA announced more U.S. vehicle price cuts.

What Happened: On Wednesday, Tesla announced another price cut across its Model Y variants and the rear-wheel drive of its Model 3 vehicle in the United States. Updated pricing shows reductions of 4% for its Model 3 and reductions in the range of 6%-9.1% for its Model Y lineups. The most recent price cuts are following previous price reductions of ~3.5% that were announced on April 7th.

Ongoing price reductions in the Electric Vehicle space are likely to start a price war that could negatively impact topline sales for EV companies.

Lucid Group Inc is a technology and automotive company. It develops the next generation of electric vehicle (EV) technologies. It is a vertically integrated company that designs, engineers, and builds electric vehicles, EV powertrains, and battery systems in-house using our own equipment and factory.

According to data from Benzinga Pro, Lucid Group stock was down 4.02%, trading at $7.52 at the time of publication. The stock has a 52-week high of $21.85 and a 52-week low of $6.09.

Image courtesy of Lucid Group