Lucid Group Inc reported a package of strategic investments and a broader commercial commitment that sent its stock higher. Shares rose 11% on Tuesday following disclosure that the company had secured $750 million in new funding and extended its robotaxi partnership with Uber.
The financing breaks down into two components. Ayar Third Investment Company, an affiliate of the Public Investment Fund, agreed to acquire $550 million of Lucid convertible preferred stock. Separately, Uber has committed an extra $200 million, increasing its cumulative investment in Lucid to $500 million.
Alongside the capital, Lucid and Uber expanded the scope of their autonomous vehicle arrangement. The firms now envision at least 35,000 Lucid vehicles built exclusively for Uber's future global robotaxi service, a rise from prior commitments. Those purpose-built vehicles will include both the Lucid Gravity and Lucid Midsize models.
The updated partnership augments an earlier agreement announced in July 2025 among Lucid, Uber, and autonomous vehicle provider Nuro. According to the timeline provided by the companies, autonomous on-road testing started in December 2025, and Lucid completed delivery of all test vehicles in February. The trio plans a commercial launch of the robotaxi service later this year in the San Francisco Bay Area using the Lucid Gravity model.
Lucid described its Midsize platform as targeted at fleet operators, with a planned starting price under $50,000. The company said the Midsize is engineered to provide competitive electric range with smaller battery packs, while offering greater interior space and faster charging speeds - attributes Lucid identified as a value proposition for fleet deployment.
Commenting on the product roadmap, Marc Winterhoff, Interim CEO at Lucid, said: "Building on the rapid progress of our collaboration with Lucid Gravity, our Midsize platform will enable autonomous mobility at scale through cost efficiency, manufacturing simplicity, and a technology-forward user experience."
Lucid also announced a leadership change. Silvio Napoli, previously Chairman and CEO of Schindler Group, will become Lucid's next CEO and join the board. Winterhoff will move into the Chief Operating Officer role once Napoli assumes the top position.
Taken together, the financing, expanded vehicle commitment for Uber's robotaxi program, and the executive transition mark a significant set of developments for Lucid as it readies production and commercialization of vehicles designed for autonomous ride services.