Why Lucid Stock Is Falling Today After Tesla News

Lucid Group Inc LCID shares are trading lower by 2.47% to $8.10, though off the session low of $7.75, Friday afternoon. Shares of EV companies are trading lower during Friday's session after Tesla cut prices in the US and Europe. Lower Tesla prices could raise competition for other EV makers.

What's Happening With Tesla?

Tesla has drastically cut its vehicle prices in the U.S., with the reductions ranging from 6.4% to 19.7%, amid a slowdown in demand. Among analyst reactions to the U.S. price cuts, Wedbush's Daniel Ives maintained an Outperform rating and $175 price target on Tesla shares.

Demand for Tesla vehicles is seeing some cracks amid the slowdown in global growth in 2023, Ives said in the note. The price cuts in China on Jan. 6 are now being followed up by “eye-popping” U.S./Europe price reductions, he said...Read More

See Also: Nio Dips Lower Following Tesla's Price Slashes: Here's What To Watch

According to data from Benzinga Pro, LCID has a 52-week high of $43.40 and a 52-week low of $6.09.