Uber invests $300 mn in Lucid Motors in robotaxi push
The emerging autonomous taxi market is gaining momentum, with Google subsidiary Waymo currently holding the strongest position in the United States.
Tesla launched its first robotaxi service in Austin, Texas in late June, though with limited scope and a very small fleet.
Uber has already partnered with Waymo and now offers driverless rides in Atlanta, Georgia and Austin.
However, Thursday's announcement represents a much larger commitment, with Uber taking an equity stake in Lucid.
At current market prices, Uber's $300 million investment would represent approximately 3 percent of Lucid's total capitalization.
The news sent Lucid's stock soaring nearly 30 percent on Wall Street.
Under the agreement, Uber commits to purchasing a minimum of 20,000 autonomous vehicles based on Lucid's Gravity SUV model over six years following the start of production, scheduled for the second half of 2026.
These vehicles will be owned by Uber and exclusively available through its platform.
The cars will be developed specifically for Uber's platform in collaboration with Nuro, a startup specializing in autonomous driving software.
Uber will also invest in Nuro as part of the deal.
Uber plans to deploy Lucid's autonomous vehicles in "a major American city" by the end of 2026.
Lucid and Nuro are already testing a robotaxi prototype on a closed course in Las Vegas.
Earlier this week, Uber and Chinese tech giant Baidu announced a separate collaboration to integrate Baidu's Apollo Go autonomous vehicles into Uber's platform across multiple markets outside the United States and mainland China.
tu/arp/des
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