Uber has crossed the 5% regulatory ownership threshold in Lucid, according to a Schedule 13G filing with the US Securities and Exchange Commission (SEC) made public on Monday after market close.
The ride-hailing company now holds 37,753,583 shares — representing 11.52% of the Saudi-backed EV maker’s stock — making it Lucid‘s second-largest shareholder.
At Monday’s closing price of $6.75, Uber‘s combined 37.75 million-share position is worth approximately $254.8 million — nearly half of the $500 million the company has committed to Lucid equity since mid last year.
The ride hailing giant only trails Saudi Arabia’s Public Investment Fund, which remains its controlling shareholder with roughly 60% of outstanding shares held via its Ayar affiliates.
Monday’s filing lists April 14, 2026, as the event that triggered the disclosure — the day Uber announced an additional $200 million equity investment in Lucid, raising its total commitment to $500 million from the original $300 million agreed in July 2025.
Sole Voting and Dispositive Power
Uber holds sole voting power over all 37,753,583 shares and sole dispositive power — meaning the company has full, unshared control over both how the shares are voted and whether they are sold.
The 11.52% figure was calculated against Lucid‘s 327,684,243 Class A common shares outstanding as of February 18, 2026, the share base disclosed in the EV maker’s Form 10-K filed on February 24.
The effective post-dilution stake will settle slightly below 11.52% once the April 14 issuances are fully reflected in Lucid‘s share count.
Passive Investor
Uber filed under Rule 13d-1(c) — the “passive investor” disclosure track under the Securities Exchange Act of 1934.
The company certified that the Lucid shares “were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.”
That certification distinguishes Uber‘s position from an activist stake or takeover preparation and formally categorises the investment as strategic rather than control-oriented.
From 13.7M to 37.75M Shares
Uber‘s stake grew from 13,715,121 shares at the end of December 2025 to 37,753,583 shares following the April 14 investment — a 175% increase in share count in just over three months.
The ride-hailing company first acquired Lucid shares during the third quarter of 2025, following its initial $300 million investment in July 2025 as part of the three-way robotaxi partnership with autonomous driving startup Nuro.
As of September 30, 2025, that initial stake was valued at $326.3 million.
Within six weeks, the position had dropped to $194.8 million — a 40% decline as the stock receded in the weeks following Lucid‘s 1-for-10 reverse stock split in early September.
The April 14 additional investment of $200 million added approximately 24 million shares to Uber‘s holding.
The Robotaxi Partnership Backdrop
The April 14 announcement that triggered the 13G filing extended Uber‘s vehicle purchase commitment to at least 35,000 units over six years, up from the original 20,000 Lucid Gravity SUVs agreed in July 2025.
The expansion formally brought Lucid‘s upcoming Midsize platform into the scope of the partnership.
The Midsize platform, with starting prices under $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.”
Macdonald had also described the three-way collaboration as structurally deeper than Uber‘s other autonomous vehicle partnerships.
“The depth of collaboration goes deeper than in many cases what are commercial agreements with other players,” Macdonald said at Investor Day, adding that teams work together daily on vehicle design and fleet integration.
CEO Framing
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 April 14 announcement.
“Strong execution keeps us on track to deepen our investment and increase the number of vehicles we plan to deploy, while Lucid‘s future Midsize platform creates an even clearer path to stronger unit economics.”
Then-Lucid interim CEO Marc Winterhoff, in his final major public statement before permanent CEO Silvio 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 Nuro Stake
Beyond its direct Lucid equity exposure, Uber also took a stake in Nuro as part of a $203 million funding round in August 2025 that included Nvidia.
The size of Uber‘s investment in the Level 4 autonomy startup has never been publicly disclosed.
Nuro co-founder Dave Ferguson said at the time that Uber took a “standard equity stake” but declined to share specifics, noting there was “more sensitivity in other quarters.”
Autonomous Service Timeline
The commercial robotaxi service remains on track to launch later in 2026 in the San Francisco Bay Area, using the LucidGravity fitted with Nuro’s Level 4 autonomy stack.
Autonomous on-road testing, led by Nuro, began in December 2025.
Nuro disclosed in March that its engineering fleet now comprises nearly 100 Lucid Gravity vehicles, gathering real-world data across multiple US cities and states.
Earlier this month, Nuro opened robotaxi test rides to Uber employees in the Bay Area with safety drivers on board — the first time the service has been trialled through the Uber app.
Production of the final robotaxi variant is pending completion of safety validation.
Lucid‘s next earnings report is scheduled for May 5.
