Lucid Group (NASDAQ: LCID) stock can't seem to find a bottom. Shares of the electric vehicle (EV) maker fell 11% in September according to data provided by S&P Global Market Intelligence, and they have already lost nearly as much so far this month. One-third of Lucid's stock's value has been wiped out in just three months. 

Even as concerns about demand for Lucid cars linger, the company's latest move is yet another reflection of its struggle to find a footing in the heated EV market. 

Lucid disappointed investors some weeks ago when it reported a 50% jump in its loss from operations for the second quarter and delivered just about 1,400 EVs in the quarter, the same amount as in its first quarter. Lucid also relented to the EV price pressure triggered by and slashed the prices of its EVs in August. Most importantly, cash burn continued to hurt the company, and to ensure it has enough money to run its operations and growth plans, Lucid even raised $3 billion in funding in August, expecting the money to last until 2025.

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Source Fool.com