Today, shares of Lucid Group (LCID) are skyrocketing following the company’s announcement of a significant new partnership in the robotaxi sector. At 1:30 p.m. ET, the stock price had surged by 40.2%, while the S&P 500 was experiencing a modest increase of 0.4% and the Nasdaq Composite was seeing a more notable rise of 0.7%.
Today, Uber Technologies revealed that they have chosen Lucid as a significant automobile supplier for their robotaxi projects. In the future, Uber plans to acquire these vehicles from Lucid and manage them by implementing autonomous-vehicle technology from Nuro. Additionally, Uber invested $300 million in Lucid as part of this arrangement.
Is Lucid stock a buy right now?
The long-term prosperity of Lucid is contingent upon increasing its production and delivery of vehicles, particularly electric ones, to a level that provides sufficient economies of scale for it to achieve profitable margins on each electric vehicle sold. Uber anticipates integrating 20,000 or more Lucid vehicles with their autonomous software within the next six years.
2022 will see me excitedly welcoming Uber’s Lucid robotaxis in an undisclosed significant American city! This partnership with Uber is poised to be a powerful driver, fueling demand for Lucid. Accompanying this exciting announcement, the EV pioneer has submitted a document to the Securities and Exchange Commission (SEC) expressing their intention to implement a 1-for-10 reverse stock split.
Although the Saudi Public Investment Fund (PIF) stays as Lucid’s primary shareholder and is expected to keep funding the business and supplying it with working capital amidst their significant losses while expanding operations, it’s uplifting to learn that Uber has joined as a significant investor and collaborator. Even though the stock has already experienced a considerable increase in value today, this deal with Uber could be interpreted as a strong indication for potential investment in Lucid stock, should you have been considering such an investment.
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2025-07-17 23:51