Lucid shares rose as much as 13% on Tuesday and erased the entirety of Monday’s decline, after Uber disclosed in an after-hours filing that its stake in the California-based brand surpassed 10%.
The stock opened the session at $7.14 — 5.8% above Monday’s $6.75 closing low — and climbed in the first trading hour to $7.69.
That marked an 11.8% gain on the day and a full recovery of the 4.59% decline the stock posted on Monday, when Lucid closed at a new all-time low of $6.75.
Trading volume was at more than 22 million shares changing hands in the opening hour — more than twice Lucid‘s three-month daily average of 8.95 million.
Lucid‘s market capitalisation rose to approximately $2.74 billion, up from $2.45 billion at Monday’s close.
As reported by EV, the market cap dropped to a quarter of what Saudi Arabia’s Public Investment Fund (PIF) has invested in the company since 2018.
The premium EV brand is scheduled to report first-quarter 2026 earnings on May 5.
The Filing
Uber disclosed on Monday afternoon, after the close of US markets, that it holds 37,753,583 Class A common shares of Lucid — representing 11.52% of the Saudi-backed EV maker’s Class A common stock based on the share count disclosed in Lucid‘s February 10-K.
The Schedule 13G filing, signed by Uber Chief Financial Officer Balaji Krishnamurthy, listed the event triggering the disclosure as April 14, 2026.
On the same day, Uber announced an additional $200 million equity investment in Lucid and expanded its robotaxi vehicle purchase commitment from 20,000 to 35,000 units.
The shares are held through SMB Holding Corporation, a wholly-owned indirect Uber subsidiary.
Uber holds sole voting power and sole dispositive power over all 37,753,583 shares.
The filing was made under Rule 13d-1(c) — the “passive investor” disclosure track under the Securities Exchange Act of 1934 — with Uber certifying that the shares were not acquired for the purpose of “changing or influencing the control of the issuer.”
Post-Dilution Adjustment
The 11.52% figure was calculated against Lucid‘s 327,684,243 Class A common shares outstanding as of February 18.
Following the April 14 capital raise — which included a $550 million convertible preferred investment from the PIF, the $200 million Uber equity commitment, and a $300 million public stock offering underwritten by Bank of America — Lucid‘s shares outstanding have risen to approximately 363.42 million.
On the post-raise share count, Uber‘s effective stake settles at roughly 10.39% — still second only to the PIF, which retains approximately 60% of outstanding shares via Ayar affiliates.
The Context of Monday’s Low
Monday’s all-time closing low of $6.75 came less than a week after Lucid‘s announcement of the $1.05 billion capital raise, alongside the appointment of Silvio Napoli as the EV maker’s permanent chief executive.
Wall Street reacted to the April 14 events with a cascade of price target cuts — RBC Capital Markets trimmed its target from $10 to $8, Baird from $14 to $12, and TD Cowen from $19 to $10 — extending the stock’s slide to successive all-time lows through the rest of the week.
Tuesday’s surge did not reverse the longer-term picture: Lucid remains down 27.9% year to date and 67.3% over the past 12 months.
Uber as Second-Largest Investor
With Tuesday’s rally, Uber‘s 37.75-million-share position was worth approximately $285 million at the intraday price of $7.55 — up from approximately $255 million at Monday’s close.
The ride-hailing company’s total equity commitment to Lucid since July 2025 now stands at $500 million in cash, meaning Uber retains a paper loss of roughly $215 million on its combined investment even after Tuesday’s rebound.
Uber‘s share count grew from 13,715,121 at the end of December 2025 to 37,753,583 following the April 14 investment — a 175% increase in three months.
Robotaxi Partnership Backdrop
The April 14 expansion raised Uber‘s vehicle purchase commitment from 20,000 Lucid Gravity SUVs to at least 35,000 units over six years, and formally brought Lucid‘s upcoming Midsize platform into the scope of the partnership.
The Midsize platform, with starting prices below $50,000, is positioned as the cost-efficient workhorse for fleet deployment at scale, after Uber President and Chief Operating Officer Andrew Macdonald told investors at Lucid‘s March 12 Investor Day that bringing autonomous ride-hail to the mass market required “a more affordable vehicle platform.”
Uber CEO Dara Khosrowshahi framed the April 14 expansion as a commitment escalation.
“We continue to deepen our commitments with both Lucid and Nuro because both companies are executing extremely well against our fast-moving shared roadmap,” Khosrowshahi said in the announcement.
Then-Lucid interim CEO Marc Winterhoff, in his final major public statement before Napoli’s appointment took effect, said the expansion “demonstrates the growing strength of our relationship with Uber, our continued partnership with the PIF, and the benefits our software-defined EV platforms bring to next-generation mobility networks.”
The commercial robotaxi service remains on track to launch later in 2026 in the San Francisco Bay Area, using the Lucid Gravity fitted with Nuro’s Level 4 autonomy stack.
