NEWARK, California, April 23, 2026, 13:13 PDT
- Lucid dropped roughly 9.6% on Thursday, hitting an intraday low of $6.22 along the way.
- Uber picked up a passive position in Lucid, reporting ownership of 37.75 million shares—good for an 11.52% stake—according to a regulatory filing.
- With roughly $1.05 billion in new funding secured last week, eyes turn to Lucid’s May 5 earnings call.
Lucid Group shares slid roughly 9.6% to $6.25 on Thursday, skimming past a session low of $6.22, after Uber Technologies revealed it now holds an 11.52% stake in the EV maker. The drop comes on the heels of Lucid announcing new funding and a broader robotaxi partnership with Uber earlier this week.
This reversal carries weight: Lucid faces hefty costs as it pivots from a luxury EV niche to a wider vehicle and autonomy operation. Investors are zeroed in on Lucid’s May 5 first-quarter earnings call, looking for signs that last week’s $1.05 billion capital raise is enough to back Gravity SUV production, a midsize lineup in development, and its robotaxi ambitions.
Uber disclosed in a Schedule 13G that it holds 37,753,583 Lucid Class A shares, putting its ownership at 11.52% via a subsidiary. The company, through a separate Form 3, revealed it surpassed the 10% ownership mark following a transaction on April 14.
On April 14, Lucid announced Uber will boost its stake by $200 million, lifting Uber’s total investment to $500 million. Saudi Arabia’s Public Investment Fund affiliate Ayar Third Investment Co. has agreed to purchase $550 million in convertible preferred stock—those can convert to common shares down the line. Lucid also set the price on a separate $300 million share offering, bringing the total fundraising to roughly $1.05 billion. Interim CEO Marc Winterhoff called it proof of the “growing strength” between Lucid, Uber, and the PIF. Uber’s Dara Khosrowshahi praised the partnership, saying the teams are executing “extremely well” as they move toward launching a San Francisco Bay Area robotaxi later this year. Lucid Group, Inc.
The cash infusion hasn’t put concerns to rest. RBC Capital Markets analyst Tom Narayan pointed out after Lucid’s March investor day that liquidity worried him the most, and he anticipated the company would seek additional funding. Following the April 14 capital raise, BNP Paribas analysts warned that further dilutive share offerings—moves that would cut into existing shareholders’ stakes—might still be in the pipeline.
Lucid’s first-quarter numbers disappointed: 5,500 vehicles built, just 3,093 handed over to customers, falling short of Visible Alpha’s projections. A 29-day supplier snag hit Gravity deliveries, compounding the miss. On top of that, Lucid recalled 4,476 Gravity SUVs after faulty seatbelt anchor welds flunked safety checks.
Lucid’s push into robotaxis could carve out new ground, but competition is already heating up. Uber, according to Reuters in March, signed a deal to put up as much as $1.25 billion into Rivian for autonomous R2 SUVs. Lucid, meanwhile, claims its autonomy ambitions will square it off more directly with both Tesla’s Cybercab and the tech Rivian is rolling out for driver assistance.
Uber’s still in the game. According to Reuters, which referenced the Financial Times, the company has poured over $10 billion into robotaxis and stakes in autonomous tech firms, aiming for a rollout across at least 28 cities by 2028. Lucid, on the other hand, faces a more immediate hurdle on May 5: convincing investors that its fresh capital can actually stabilize deliveries, improve margins, and shore up liquidity.
