San Francisco, April 22, 2026, 09:51 PDT
- Uber, through an indirect subsidiary, has reported holding an 11.52% passive stake in Lucid.
- Uber recently boosted its investment by $500 million, and has also agreed to pick up at least 35,000 Lucid robotaxi vehicles as part of the deal.
- Lucid shares slipped Wednesday, giving back some of Tuesday’s gains as investors weighed dilution risk and concerns about execution.
Uber Technologies now holds an 11.52% stake in Lucid Group, according to a regulatory filing. The move takes their robotaxi supply agreement a step further, with Uber deepening its financial commitment to the electric-vehicle maker as both sides aim to push ahead with plans for a self-driving ride-hailing fleet.
Uber disclosed in a Schedule 13G dated April 20—marking April 14 as the event date—that it held 37,753,583 Lucid Class A shares via its indirect, wholly owned arm, SMB Holding. A separate Form 3 put Uber in the 10% owner bracket, a level that tends to put the stock back in focus for investors.
Timing is crucial here—Lucid is tapping investors as it looks to expand past its niche in high-end EVs. As for Uber, the company is angling for a foothold in robotaxis, steering clear of the expensive route of developing its own autonomous tech after abandoning that effort years back.
Uber is upping its bet on Lucid, promising another $200 million—taking its total investment in Lucid to $500 million—and bumping its minimum vehicle order to 35,000 for a planned global robotaxi rollout, Lucid said last week. The order will cover Gravity SUVs and upcoming midsize models.
Lucid slipped 1.3% to $7.015 by late morning in U.S. trading Wednesday, off its $7.11 open. Uber dropped 2.4% to $75.39. Tesla edged up 0.9%, Rivian popped 5.1%, market data showed.
The latest stake comes after a July 2025 agreement struck by Uber, Lucid, and Nuro, aiming to roll out Lucid vehicles running Nuro’s Level 4 autonomous tech—capable of self-driving under set conditions, no human behind the wheel. The initial blueprint: 20,000-plus Lucid cars over six years. Uber said those vehicles would be owned or run by Uber itself or its fleet partners, then offered through its own platform.
Lucid said its expanded partnership sets up for a commercial rollout in the San Francisco Bay Area later this year, featuring the Gravity SUV. According to the company, Nuro started autonomous on-road tests in December 2025, with Lucid wrapping up delivery of every test vehicle by February.
Uber CEO Dara Khosrowshahi, quoted in Lucid’s April 14 press release, said, “We continue to deepen our commitments with both Lucid and Nuro because both companies are executing extremely well against our fast-moving shared roadmap.” He pointed to Lucid’s future midsize platform, calling it “an even clearer path to stronger unit economics.” Lucid Group, Inc.
Marc Winterhoff, who was serving as Lucid’s interim CEO when the news broke, called the agreement proof of Lucid’s advantage in software-driven EV platforms built for “next-generation mobility networks.” The company also reiterated that its upcoming midsize models are slated to launch below $50,000—a noticeable drop from its current high-end offerings and a critical lever for robotaxi affordability. Lucid Group, Inc.
This financing push stretches beyond just Uber. Lucid lined up a $300 million common-stock sale and disclosed that Ayar Third Investment Company—linked to Saudi Arabia’s Public Investment Fund—will put $550 million into convertible preferred shares. Altogether, Lucid expects to pull in around $1.05 billion. BofA Securities handled the common-stock deal as sole underwriter.
There’s a price attached to that fresh capital. Last week, Reuters noted Lucid shares dropped roughly 5% following the funding and CEO announcement—analysts flagged lingering liquidity issues and warned the move might signal more shareholder dilution ahead. In a note, BNP Paribas analysts called the deal potentially just “the tip of the iceberg” for additional dilutive fundraising. Reuters
Rivals aren’t standing still. Reuters says Uber has struck deals with players like Baidu, Rivian, and Lucid, and wants to get robotaxi offerings up and running in no fewer than 28 cities by 2028. Tesla and Alphabet’s Waymo still draw the most attention in this sector, but Amazon’s Zoox—it’s got its own autonomous taxi ambitions.
Execution is the real hurdle here—not just raising capital. Nuro faces the challenge of rolling its system out at scale, and each market’s regulatory approval is still a hurdle for deployment. As for Lucid, it needs to ramp up production far beyond its current delivery numbers. Having Uber as a strategic investor brings Lucid genuine demand, but that in itself doesn’t crack the tougher problem: getting robotaxis to operate reliably on actual streets.
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