Shares of the newer up-and-coming electric vehicle (EV) hopefuls Lucid Motors (NASDAQ: LCID), Rivian Automotive (NASDAQ: RIVN), and Nikola (NASDAQ: NKLA) were falling Monday, down 4.9%, 4.5%, and 11.6%, respectively, as of 12:50 p.m. ET.

Only Lucid Motors had material news today, unveiling a price cut on some of its newer sedan models; however, that news likely spurred caution among electric vehicle investors generally, as it showed the price war sparked by higher interest rates and 's price cuts earlier this year are beginning to bite just about everyone in the space.

On Monday, Lucid announced aggressive price cuts for its Lucid Air sedan models, as part of a promotional event through Aug. 31.

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Source Fool.com