Lucid Group ( LCID -1.12% ) makes some of the best-looking electric vehicles in the U.S. They've won accolades from automotive publications, and offer some of the EV world's longest battery ranges.

So you might assume the EV start-up would have a rapidly rising share price to boot. But that's not the case. Lucid's shares have plunged by 86% over the past three years, while the S&P 500 has gained 41%.

With its shares trading for less than $3, is Lucid stock a buy now?

Buyers may be losing their appetite for EVs

The least expensive Lucid Air sedan has a starting price of about $70,000, and the only available version of its new Gravity SUV starts at nearly $95,000. That's 18% and 60% more expensive than the average transaction price for a new EV, respectively.

Lucid's luxury E

See Full Page