From Nasdaq:

Lucid Group (NASDAQ: LCID) experienced a new record low share price due to concerns about demand in the electric vehicle (EV) market. This followed news that Tesla cut the price of its Model Y vehicles in several European countries to boost sales growth. The general trend toward decreasing EV production and demand paints a challenging picture for Lucid and its stock.

As more bearish conditions arise, with demand heading unfavorably for Lucid Group, stocks have plunged to new lows. This rise in the company’s losses with an uphill battle for profitability has seen its share price down by approximately 95%. Alleviating these conditions is essential for Lucid to achieve its expected forward sales. However, note that the Motley Fool Stock Advisor analyst team did not identify Lucid Group as one of their best stocks to buy.



Read more: Why Lucid Stock Is Plummeting Again This Week