Why Lucid Stock Sunk Today

Lucid Group, Inc. LCID shares are traded lower on Monday after the company discounted the prices of its Air sedan.

What To Know: Lucid will be offering “Air Credit” discounts in the U.S. and Canada in order to adjust the prices of its Air sedans. For example, in the U.S., Air Pure all-wheel drive's price was decreased from $82,400 to its current price of $74,900.

The impetus of the discounts, first reported by Drive Canada Tesla, stems from a weak demand for electric vehicles. Furthermore, EV market leader Tesla, Inc. has set an aggressive pace for price cuts, causing others in the industry to follow. The announcement is not the first of its kind for Lucid. The company announced price discounts in August as well.

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LCID Price Action: Shares of LCID were down 7.03% at $4.30 at the time of publication, according to Benzinga Pro.

Image by Paul Brennan from Pixabay