China GDP grows 5% in Q1, beats expectations on exports, spending strength
Investing.com -- Lucid Group Inc (NASDAQ:LCID) shares rose 11% Tuesday after the electric vehicle maker announced $750 million in new investments and a major expansion of its robotaxi partnership with Uber.
Ayar Third Investment Company, an affiliate of the Public Investment Fund, committed to purchase $550 million of Lucid’s convertible preferred stock. Uber agreed to invest an additional $200 million, bringing its total investment in Lucid to $500 million.
The companies expanded their robotaxi partnership to at least 35,000 Lucid vehicles, up from previous commitments. The vehicles will be designed exclusively for Uber’s future global robotaxi service and will include both Lucid Gravity and Lucid Midsize models.
The expanded partnership builds on an agreement announced in July 2025 between Lucid, Uber, and autonomous vehicle company Nuro. Autonomous on-road testing began in December 2025, and Lucid completed delivery of all test vehicles in February. The companies plan to commercially launch their robotaxi service later this year in the San Francisco Bay Area using the Lucid Gravity.
Lucid’s future Midsize platform, with a planned starting price under $50,000, is designed to offer competitive range with smaller battery packs while delivering superior interior space and faster charging speeds. The company said these features represent a value proposition for fleet operators.
"Building on the rapid progress of our collaboration with Lucid Gravity, our Midsize platform will enable autonomous mobility at scale through cost efficiency, manufacturing simplicity, and a technology-forward user experience," said Marc Winterhoff, Interim CEO at Lucid.
Lucid also announced that Silvio Napoli, formerly Chairman and CEO of Schindler Group, will join as the company’s next CEO and board member. Winterhoff will transition to Chief Operating Officer once Napoli assumes the role.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.