Lucid (NASDAQ: LCID) stock is losing ground again in Thursday's trading. The electric vehicle (EV) company's share price was down 7.2% as of 2:30 p.m. ET, according to data from S&P Global Market Intelligence.

News hit yesterday that Tesla had cut Model Y prices again in Germany and other European countries -- a move that is being interpreted as a negative sign for demand in the overall EV market. As a result, Lucid stock is participating in a pullback that's affecting multiple players in the industry. The sell-offs have pushed the stock to another record low.

Tesla has cut the price on its Model Y vehicles by 5,000 euros (roughly $5,430) in Germany and enacted sizable price cuts in other European countries. The move comes roughly a week after rolling out substantial price cuts on its Model 3 and the Model Y vehicles in China.

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Source Fool.com