Lucid Group Inc (NASDAQ:LCID) shares climbed 11% on Tuesday after the electric vehicle maker unveiled $750 million in fresh funding and a significant expansion of its robotaxi partnership with Uber (NYSE:UBER).
Ayar Third Investment Company, an affiliate of the Public Investment Fund, has agreed to invest $550 million through the purchase of Lucid’s convertible preferred stock. Uber will contribute an additional $200 million, increasing its total investment in Lucid to $500 million.
The companies also broadened their robotaxi agreement to include at least 35,000 Lucid vehicles, an increase from earlier commitments. These vehicles will be built specifically for Uber’s planned global autonomous ride-hailing network and will feature both the Lucid Gravity and Lucid Midsize platforms.
This expanded collaboration builds on a partnership first announced in July 2025 between Lucid, Uber, and autonomous driving firm Nuro. On-road autonomous testing began in December 2025, with all test vehicles delivered by February. The partners are targeting a commercial launch of the robotaxi service later this year in the San Francisco Bay Area, initially using the Lucid Gravity.
Lucid’s upcoming Midsize platform, expected to start below $50,000, is designed to deliver competitive range with smaller battery packs, while offering enhanced interior space and faster charging capabilities. The company said these attributes make it particularly attractive 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.
Separately, Lucid announced that Silvio Napoli, former Chairman and CEO of Schindler Group, will take over as CEO and join the board. Winterhoff is set to move into the role of Chief Operating Officer once Napoli assumes leadership.