Lucid Group (NASDAQ:LCID) stock soared by 35% after unveiling a landmark partnership with Uber Technologies (NYSE:UBER) and autonomous vehicle company Nuro to roll out a large-scale robotaxi initiative.
The multi-year collaboration is set to bring more than 20,000 Lucid vehicles outfitted with Nuro’s Level 4 autonomous driving technology to the Uber platform over a six-year span. Initial deployment is planned for a major U.S. city sometime next year.
Under the terms of the agreement, Uber is committing several hundred million dollars in investments to both Lucid and Nuro. Vehicle ownership and operations will be handled either directly by Uber or through its affiliated fleet partners.
The initiative will harness Lucid Gravity’s cutting-edge electric vehicle platform, which incorporates redundant electronic and control systems tailored for autonomous use. Integration of Nuro’s self-driving capabilities will take place during the vehicle production process at Lucid’s facilities.
“This investment from Uber further validates Lucid’s fully redundant zonal architecture and highly capable platform as ideal for autonomous vehicles, and our industry-leading range and spacious well-appointed interiors, as ideal for ridesharing,” said Marc Winterhoff, Lucid’s interim CEO.
The trio emphasized that Lucid Gravity’s projected 450-mile EPA range will enable longer operating periods with fewer charging interruptions, enhancing vehicle uptime and cost efficiency. A prototype is already undergoing autonomous testing at Nuro’s closed-course proving ground in Las Vegas.
Uber CEO Dara Khosrowshahi called autonomous technology “enormous potential to transform our cities for the better,” while Nuro Co-Founder and CEO Jiajun Zhu added the alliance showcases “what’s possible when proven AV technology meets real-world scale.”
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.