Lucid Group, Inc. (NASDAQ:LCID) shares are trading lower Tuesday. The stock appears to be moving on continued downward momentum from the last month.
What To Know:
Lucid shares are down by 3% in the session and have dropped nearly 12% over the last 30 days.
LCID shares are moving lower on above-average trading volume with more than 12 million shares having been traded in the session. According to data from Benzinga Pro, the stock’s 100-day average is 47.998 million shares.
The broader EV industry is facing pressure from deep price cuts from the industry leader, Tesla, Inc. (NASDAQ:TSLA). Tesla has cut its EV prices multiple times this year, and last week, Tesla cut the price of its Model Y vehicle by more than $1,900 and Model S and Model X vehicles by $9,600 in China.
Lucid Group reported disappointing second-quarter financial results including second-quarter revenue of $150.9 million falling short of the estimated $201.9 million and losses of 40 cents per share exceeding the estimated loss of 35 cents for the quarter.
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LCID Price Action: According to Benzinga Pro, Lucid shares are down by more than 3% at $6.06 at the time of publication.
Image: Courtesy of Lucid Group, Inc.
