WASHINGTON (dpa-AFX) - Lucid Group Inc. (LCID), a luxury electric vehicle manufacturer and technology company, on Tuesday announced new investments from Ayar Third Investment Co., an affiliate of the Public Investment Fund, and Uber Technologies, Inc. (UBER).
The company also announced an expansion of its robotaxi partnership with Uber to at least 35,000 vehicles.
Ayar Third Investment Co. committed to purchase $550 million of Lucid's convertible preferred stock, while Uber agreed to invest an additional $200 million, increasing its total investment in the company to $500 million.
The investments are expected to strengthen Lucid's capital position and support its strategy to scale software-defined electric vehicles and mobility platforms.
The announcement builds on the existing partnership between Lucid, Uber and Nuro, with plans to launch a next-generation robotaxi service later in 2026 in the San Francisco Bay Area.
In the pre-market trading, Uber is 0.53% higher at $72.71 on the New York Stock Exchange.
In the pre-market trading, Lucid Group Inc. is 10.39% higher at $10.21 on the Nasdaq.
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