Lucid (NASDAQ: LCID) stock fell to a new low in Thursday's trading. The company's share price closed out the daily session down 4.7% and had been down as much as 8.3%, according to data from S&P Global Market Intelligence.

Lucid stock fell on news that Tesla had cut the price on its Model Y vehicle by 5,000 euros (approximately $5,430) in Germany and reduced pricing by similar amounts in France, Norway, and the Netherlands. The price cut came on the heels of big price reductions on the EV leader's Model 3 and Model Y vehicles last week.

Tesla's aggressive price-cutting highlights weakening demand in the EV market and likely signals that other players in the space will face significant headwinds. Softening EV demand could be particularly damaging to Lucid, but the stock has never been cheaper.

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Source Fool.com