Lucid Group Inc (LCID) stock is soaring 5.04% in intraday trading, as investors react positively to news of a significant partnership with Uber Technologies. The surge comes amid broader industry developments in autonomous vehicle technology.

Uber has announced plans to deploy over 100,000 autonomous vehicles by 2027, with 20,000 of these being Lucid robotaxis. This partnership, which also involves Nvidia Corp for AI hardware and software, represents a major opportunity for Lucid to establish itself in the emerging autonomous ride-hailing market.

The move aligns with the growing trend of ride-hailing companies embracing autonomous vehicle technology. Uber CEO Dara Khosrowshahi's prediction that most cars could become autonomous within 20+ years further underscores the potential long-term value of this partnership for Lucid. As the automotive industry continues its shift towards electrification and autonomy, Lucid's involvement in this high-profile initiative appears to be driving investor enthusiasm.