Stock Track | Lucid Group Soars 5.24% Pre-market on Uber Partnership and $300 Million Investment for Autonomous Robotaxi Program

Stock Track
Jul 17

Lucid Group Inc (LCID) shares surged 5.24% in pre-market trading on Thursday, following the announcement of a groundbreaking partnership with Nuro and Uber for a next-generation autonomous robotaxi program. The collaboration, expected to launch later next year in a major US city, has ignited investor enthusiasm and boosted confidence in Lucid's future prospects in the rapidly evolving electric and autonomous vehicle market.

The partnership's highlight is Uber's commitment to invest $300 million in Lucid Group, demonstrating strong faith in the electric vehicle manufacturer's technology and growth potential. Uber aims to deploy 20,000 or more Lucid vehicles equipped with Nuro's autonomous driving technology over six years across dozens of markets worldwide. This ambitious plan could significantly expand Lucid's market presence and revenue streams.

In addition to the partnership news, Lucid also announced plans for a 1:10 reverse stock split, subject to shareholder approval. While reverse splits can sometimes be viewed negatively, in this case, it appears to be overshadowed by the positive sentiment surrounding the Uber partnership and investment. The first Lucid-Nuro robotaxi prototype is already operating autonomously on a closed circuit at Nuro's Las Vegas Proving Grounds, indicating tangible progress in the collaboration.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10