Uber to invest in $300m in EV maker Lucid amid robotaxi deal

Uber will invest $300m in electric vehicle maker Lucid in a robotaxi deal that aims to start with one major US city late next year.

The two companies announced the new partnership on Thursday.

Over six years starting in 2026, Uber will acquire and deploy over 20,000 Lucid Gravity SUVs that will be equipped with autonomous vehicle (AV) technology from startup Nuro, the three companies said in a statement.

The agreement illustrates the renewed plans and push for financing for self-driving cabs, years after a first wave of autonomous driving investment produced only a limited number of vehicles. Tesla has recently launched a robotaxi trial in Austin, and Alphabet’s driverless taxi unit, Waymo, is speeding up its expansion.

As part of their announced deal, Uber will invest hundreds of millions of dollars in Lucid and Nuro, which supply self-driving technology to carmakers, the joint statement said. Of that, $300m will go to Lucid, the EV maker said in a separate filing to the US Securities and Exchange Commission on Thursday.

Lucid shares surged about 39 percent as of 11:15am in New York (15:15 GMT). They had fallen about 24 percent this year.

Uber’s latest move underscores its renewed push into the robotaxi space after exiting in 2020. Since then, Uber has pivoted to partnerships with several technology developers, including Waymo and Aurora.