Lucid Motors‘ shares reversed pre-market gains on Tuesday after the EV maker announced a $1.05 billion capital raise alongside the appointment of a permanent CEO and an expanded robotaxi partnership with Uber.
The company priced a $300 million registered public offering of common stock, with BofA Securities acting as sole underwriter.
Also on Tuesday, Lucid announced that Uber committed an additional $200 million investment — raising its total stake to $500 million.
Separately, Ayar Third Investment Company — an affiliate of Lucid’s largest shareholder, Saudi Arabia’s Public Investment Fund — agreed to purchase $550 million of convertible preferred stock.
The three transactions bring the total raise to approximately $1.05 billion. The offering is expected to close on or about April 15.
The raise comes less than four months after interim CEO Marc Winterhoff told Bloomberg that Lucid was “funded until well into 2027” and would return to capital markets “when it’s opportune.”
Three Press Releases in One Day
Lucid issued three separate press releases on Tuesday morning, including the appointment of Silvio Napoli as permanent CEO, the expanded Uber deal and PIF investment, and the public stock offering.
The sequence produced violent swings in the stock.
The CEO appointment drove shares as high as $10.56 in pre-market trading — a 14.5% surge from Monday’s close of $9.24 — as investors reacted to the end of the leadership vacuum.
But as the second and third press releases appeared on the investor relations website revealing the Uber expansion and the stock offering, shares gave up all of the gains and traded as low as $9.19 — below Monday’s close.
As of publication time, shares were trading 3.9% higher at $9.60 as investors weighed in on the three announcements. The stock had hit an all-time low of $8.32 on Monday.
“Funded Well Into 2027”
In a Bloomberg interview in December, Winterhoff said: “We have a clear trajectory. We have also additional term loans that we got from our backers at PIF. So we are funded until well into 2027. And, you know, when it’s opportune, we will go back to the market if we need it.”
CFO Taoufiq Boussaid reiterated at the Q4 2025 earnings call in late February that Lucid had $4.6 billion in liquidity, “sufficient to fund operations into the first half of 2027.”
A day after reporting those earnings, Winterhoff confirmed on CNBC that “there will be another fundraise” when asked whether Lucid would require further capital before turning profitable.
He said the company would return to capital markets “when it makes sense to do so.”
The $1.05 billion raise announced on Tuesday is that return.
Uber Expands to 35,000 Vehicles
As part of the transaction, Uber increased its purchase commitment from 20,000 to at least 35,000 Lucid vehicles designed exclusively for use in its future global robotaxi service — a 75% increase.
The commitment now includes both the Lucid Gravity SUV and future mid-size platform vehicles.
Uber’s total investment in Lucid rises to $500 million with the additional $200 million commitment.
“We continue to deepen our commitments with both Lucid and Nuro because both companies are executing extremely well against our fast-moving shared roadmap,” said Uber CEO Dara Khosrowshahi.
“Lucid‘s future Midsize platform creates an even clearer path to stronger unit economics.”
The expansion follows the July 2025 announcement of the original partnership, which included Uber’s initial $300 million investment, the 20,000-vehicle purchase commitment, and the selection of the Lucid Gravity as the base vehicle for a robotaxi service developed with Nuro’s autonomous driving technology.
Uber x Lucid Cosmos
The Cosmos, Lucid’s first mid-size model priced below $50,000, is scheduled to enter production at the company’s Saudi Arabian plant by year-end.
“Our Midsize platform will enable autonomous mobility at scale through cost efficiency, manufacturing simplicity, and a technology-forward user experience,” Winterhoff said in the statement.
Khosrowshahi framed the mid-size vehicle as the key to improved fleet economics: “Lucid‘s future Midsize platform creates an even clearer path to stronger unit economics. This is all about moving at speed while scaling intelligently.”
At Lucid’s Investor Day in March, CFO Boussaid had said “20,000 over six years is a drop of water for us.”
Winterhoff reinforced the point: “Quite honestly, we probably wouldn’t have done it if it would only be about 20,000.” Tuesday’s expansion to 35,000 validates those comments.
Uber’s COO Andrew Macdonald had previously shared that the company was finalising an agreement to deploy Lucid’s mid-size platform — a detail that has now been formalised.
PIF Deepens Its Bet
Ayar Third Investment Company’s $550 million convertible preferred stock purchase adds to the Public Investment Fund’s cumulative investment of more than $9.5 billion in Lucid since 2018.
PIF holds roughly 60% of Lucid‘s shares.
In November 2025, Lucid disclosed that PIF had agreed to increase a delayed-draw term loan facility from $750 million to approximately $2 billion.
The company also raised $1 billion through a convertible bond with investors outside PIF and announced plans to issue $875 million in convertible senior notes due 2031.
Capital Position
With the $1.05 billion raise, Lucid‘s total liquidity — which stood at $4.6 billion as of the Q4 2025 earnings report — will increase meaningfully.
The capital is expected to support the ramp of Gravity production, the buildout of the Saudi Arabian manufacturing facility for Cosmos, and the continued development of the robotaxi programme with Nuro and Uber.
Lucid‘s accumulated deficit reached $14.8 billion as of Q3 2025 and stood at $15.61 billion at year-end 2025.
The company posted its first-ever quarterly GAAP net profit of 282.7 million yuan in Q4 2025 but remains deeply unprofitable on an annual basis.
