Lucid stock gains 37% on Uber tie-up deal

Logo of Lucid Group

Shares of Lucid Group Inc. soared on Thursday, after ride-hailing company Uber announced partnering with the EV maker to launch robotaxis.

Nasdaq-listed Lucid stock rose by 36.90% to $3.14 at 04:47 Makkah time, bringing its market cap to $9.563 billion.

This comes after Uber unveiled it is teaming up with Lucid and self-driving tech startup Nuro to launch a robotaxi fleet, with plans to deploy at least 20,000 of the robotaxis over six years.

Uber announced it or its third-party partners will purchase and operate Lucid Gravity SUVs outfitted with Nuro Driver technology on its ride-sharing network.

The ride-sharing company also announced it’s making separate multi-hundred-million dollar investments in both Lucid and Nuro. That funding will include $300 million for Lucid that will be used in part to upgrade to its assembly line to integrate Nuro hardware into the Gravity vehicles, according to the EV company.