Lucid Group's (NASDAQ: LCID) share price fell to a new record low this week due to concerning signs about demand in the electric vehicle (EV) market. The company's stock was down 12% from last week's market close heading into the start of this Friday's trading session, according to data from S&P Global Market Intelligence.

On Wednesday news hit that had cut the price of its Model Y vehicles in Germany by 5,000 euros -- roughly $5,430 based on the current exchange rate. The EV leader also slashed prices in France, the Netherlands, and Norway.

The price cuts signal that Tesla sees the need to reduce selling prices in order to boost sales growth. Demand for EVs appears to be softening, and that presents big challenges for Lucid.

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Source Fool.com