Lucid Group, Inc. (NASDAQ:LCID) shares are trading lower Monday after Telsa, Inc. (NASDAQ:TSLA) and other EV-makers announced new rounds of price cuts.
The Details:
Tesla and Li Auto, Inc. (NASDAQ:LI) are among the major EV-makers to announce more price cuts in the past several days. Li Auto announced on Monday that it has cut prices by approximately 5% on its L7, Li L8, Li L9, and Li MEGA models and will offer cash refunds to owners who purchased the vehicles earlier in the year.
Last week, Lucid revealed new details about the 2024 Lucid Air Grand Touring, including an EPA-estimated range of 516 miles, the longest range of any EV in the U.S. market currently, and a starting price of $109,900.
Citigroup analyst Itay Michaeli reinstated Lucid with a Neutral rating and a price target of $2.90 on Monday.
Lucid Group is set to announce its first-quarter financial results after the market close on May 6. According to estimates from Benzinga Pro, analysts expect the company to report losses of 26 cents per share and quarterly revenue of $155.986 million.
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LCID Price Action: According to Benzinga Pro, Lucid Group shares are down 4.69% at $2.33 at the time of publication Monday.
Image: Courtesy of Lucid Group, Inc.