Shares of electric vehicle (EV) company Lucid Group (NASDAQ: LCID) fell as much as 5.9% in trading on Wednesday as EV stocks fell across the board. Shares were down 3.5% at the close of trading.

After years of expansion, the EV industry is feeling major headwinds because of oversupply and lagging demand. (NASDAQ: TSLA), which makes the second-most electric vehicles behind BYD, said it's cutting prices in Germany after recently cutting prices in China. This follows a year of steady price cuts for the company's vehicles.

If Tesla is struggling to sell all of the vehicles it makes, what kind of shape is Lucid going to be in? The company is burning through cash and will soon run out without a new investment.

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Source Fool.com