Uber (UBER, Financials) is teaming up with Lucid (LCID, Financials), a maker of high-end electric vehicles, and Nuro, a company that makes technology for self-driving cars, to create a big robotaxi alliance.
The ride-hailing company said on Thursday that it would put $300 million into Lucid to help launch more than 20,000 self-driving Gravity SUVs over the next six years, starting in 2026. According to a joint statement from the corporations, the program should start in one big U.S. city by the end of 2025.
Nuro, a startup that makes self-driving technology for car companies, will create the self-driving systems for the Lucid cars. As part of the larger alliance, Uber also aims to put money directly into Nuro, but the details of that investment were not made public.
The deal has brought back interest in robotaxis after a lull that followed early investments from Tesla (TSLA, Financials), Alphabet's Waymo, and General Motors' Cruise, which didn't get much traction. Tesla just started its own pilot program in Austin.
The news sent Lucid's stock up more than 26% to $2.95, but it is still down 24% this year.
Uber's most recent move shows that they are betting on self-driving technology as a way to save money and stand out in the market. Over the previous ten years, the firm has tried out many AV plans, such as selling its own self-driving unit in 2020. However, it seems to be refocusing with key partners like Nuro and Lucid.
Uber Invests $300M in Lucid for Robotaxi Push With Nuro's Tech
Deal includes 20,000 self-driving EVs, Lucid stock pops 26%
21 hours ago
Summary
- Uber to deploy 20,000 Lucid Gravity EVs with Nuro AV tech by 2026
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