Lucid stock jumped 30% today after the company announced a major partnership with Uber and Nuro, reigniting investor optimism as it enters the fast-growing robotaxi market.
As part of the deal, Uber will invest $300 million in Lucid, which will produce 20,000 autonomous vehicles over the next six years.
Nuro will provide the self-driving tech. The move also marks Uber’s reentry into the autonomous space, nearly five years after it sold off its self-driving unit in 2020.
Lucid stock received a considerable boost after the development, as it was trading near $3.00 levels, 31% higher than its previous close.
Uber’s ambitious robotaxi plans
Uber is set to invest $300 million in Lucid as part of a groundbreaking partnership that also brings Nuro on board to provide the self-driving tech.
Starting in 2026, Uber aims to launch over 20,000 robotaxis over a six-year period.
The vehicles will be based on Lucid’s upcoming Gravity SUV platform and powered by Nuro’s Level 4 autonomous driving system.
Built specifically for Uber, the robotaxis will be run either by Uber directly or through third-party fleet operators, with the first ones expected to hit the streets in a major US city as early as next year.
The deal puts Lucid squarely in the ring with established robotaxi players like Waymo, Tesla, and Cruise, all of whom have been steadily expanding their autonomous fleets in select US cities.
For Uber, it’s a chance to reenter the self-driving race without the burden of building everything from scratch by tapping into Lucid’s EV expertise and Nuro’s autonomous tech; the company gets a fast track back into the game without the massive R&D costs.
Uber has ramped up its recent investments around robotaxis, as the company recently finalized a multi-year strategic partnership with Chinese tech giant Baidu.
The deal aims to launch thousands of autonomous vehicles on Uber’s platform in regions outside the US and mainland China.
Baidu says the rollout will kick off later this year in parts of Asia and the Middle East, with cities like Dubai and Abu Dhabi expected to be among the first to welcome its Apollo Go robotaxis.
Lucid stock gains traction
The news sent Lucid stock soaring, with shares jumping as much as 43% in pre-market trading before ending the day up 30%.
The rally signals a wave of renewed investor confidence in Lucid’s future, especially its potential to turn EV innovation into real-world success through high-profile partnerships like this one.
Before the deal with Uber, most Wall Street analysts were taking a wait-and-see approach on Lucid, with a consensus “Hold” rating and an average price target of about $2.42, based on 17 analyst reviews.
Other analyst ratings hover around ‘Hold,’ with recent targets ranging from $2.68 to $5.00, suggesting room for upside but caution around operational and execution risk.
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