Lucid Motors said on Thursday it has closed a $300 million investment from Uber, finalizing funding tied to the companies’ partnership on a robotaxi program.
The announcement came as Lucid shares touched a new all-time low of $15.25, equivalent to $1.525 before the 1-for-10 reverse stock split that became effective earlier this week.
The stock has plunged by more than 54% in less than two months on Q2 earnings results, reverse stock split plans announced in mid-July and persisting supply chain bottlenecks on some of Gravity trims.
In mid-July, Lucid unveiled a partnership with Nuro and Uber to develop what it called a “next-generation premium global robotaxi program.”
At that time, Uber pledged the $300 million investment, sending Lucid’s shares surging to $36.90 post-split, their highest level in months.
The companies said the funding “supports the partnership between the two companies and contributes to development costs associated with the autonomous robotaxi initiative.”
The robotaxi will be built at Lucid‘s plant in Arizona, operate exclusively on Uber’s ride-hailing platform, and integrate Nuro’s software after leaving the Lucid assembly line.
A first prototype is already undergoing closed-circuit testing in Las Vegas.
The debut is expected in “a major U.S. city” next year, with Uber targeting deployment of 20,000 or more Lucid vehicles equipped with Nuro’s Level 4 autonomous technology over six years.
“Lucid’s innovations and technologies are second to none, and Uber’s investment is just the latest example of a third-party validating our highly advanced technical platform,” said Marc Winterhoff, Lucid’s interim CEO.
“We look forward to further strengthening our close working partnership with Uber in the years to come, and continuing to explore new markets, opportunities and partners that can best leverage Lucid’s leading technology,” the interim CEO added.
Lucid produced 3,863 vehicles in the second quarter, an increase of 74.6% from the previous quarter and up 83.1% from a year earlier, driven by the ramp-up of the Gravity SUV.
For 2025, it has guided production of 18,000 to 20,000 vehicles, trimming expectations in early August from “approximately 20,000.”
