Overview

• On July 19 Uber took a $300 million equity stake in Lucid and committed to purchasing 20,000 custom Lucid SUVs outfitted with Nuro’s self-driving technology over the next six years.
• Lucid’s stock surged more than 36% on the announcement and then dropped over 8% after CNBC’s Jim Cramer publicly questioned the deal’s strategic depth.
• The robotaxi fleet will run on Nuro’s autonomous software, which is currently being tested in Dallas, Miami and San Diego.
• Uber’s plan to become a zero-emission platform by 2040 has faltered, with battery-electric vehicles accounting for just 9.1% of its ride miles in the U.S. and Canada.
• Lucid aims to bolster its sales pipeline through the Uber partnership and existing support from the Saudi Public Investment Fund, which has agreed to buy up to 100,000 vehicles over 10 years.