Shares of Lucid Group (NASDAQ: LCID) dropped as much as 5% today after an analyst rating cut. The negative report on the stock comes three weeks after Lucid reported disappointing third-quarter results earlier this month.

As of 1:30 p.m. ET, Lucid stock had recovered from the early drop and was trading higher by 2.5%. But that might just be because the stock has already dropped nearly 10% since the third-quarter report and more than 45% in the past six months.

Lucid launched its business relying on market demand for high-end luxury electric vehicles (EVs). Its Air sedans range in price from nearly $80,000 to as much as $250,000. It counted on its EV technology, which delivered high horsepower and a minimum battery range of over 400 miles. But demand for its Air sedan models doesn't seem to be panning out.

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Source Fool.com