Lucid Group (NASDAQ:LCID) shares are trading lower amid weakness in the EV space after Tesla (NASDAQ: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
