The EV price war is heating up -- and electric car stocks are going down.

This morning, luxury EV manufacturer Lucid Group (NASDAQ: LCID) announced that for a "limited time" it will give buyers of "select configurations" of its Lucid Air electric sedan a $7,500 EV credit -- so basically a $7,500 price cut on its most expensive Lucid Air Touring and Air Grand Touring models.  

Investors aren't thrilled with the news. Shares of rival EV makers Lordstown Motors (NASDAQ: RIDE) and Canoo (NASDAQ: GOEV) are down 2.3% and 3.8%, respectively, as of 1:05 p.m. ET. Lucid stock itself is tumbling 8.7%.

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Source Fool.com