Lucid stock pops 43% after Uber announces robotaxi. What to know about the Tesla rival
Lucid Group Inc. (NASDAQ:LCID) stock is on the move as the trading week comes to a close. The share price popped over 34% in the last five trading days from $2.29 a share at Monday's open to a price of $3.08 a share at the time of reporting.
The stock has been trading under $3.00 a share since late February ,but jumped 43% from Wednesday's $2.29 a share close to $3.30 a share at 11:30 PM on Thursday. So, why is the stock making huge gains this week?
Lucid teams up with Uber and Nuro to create robotaxi service
Watch out Waymo and Tesla, there's a new robotaxi service in town. Uber announced that it is investing $300 million in electric vehicle automaker Lucid on Thursday. The duo will partner with robotics company Nuro to create a Robotaxi service featuring Uber's rideshare platform, Lucid's electric vehicles, and Nuro's autonomous driving technology.
Lucid's recent stock price action is due to the announcement of this partnership. Uber's share price did not rise in reaction to the news, unlike the huge movements from Lucid's share price.
The rise of the robotaxi: A multi-billion dollar bet
Over 1,500 autonomous vehicles operate commercially in five American cities, according to Goldman Sachs. A whopping 35,000 autonomous vehicles could operate in the U.S. by 2030, based on Goldman Sachs research. If these projections are accurate, autonomous vehicles could "generate $7 billion in annual revenue".
Waymo raised $5.6 billion in the fall of 2024 to expand its robotaxi service, according to CNBC. Tesla recently rolled out its robotaxi service in Austin, Texas in late June. Companies are betting billions of dollars on the emerging robotaxi rideshare market.
Uber's investment into Lucid and partnership with Nuro is an effort to level the playing field. The company is looking to deploy 20,000 Lucid Gravity SUVs equipped with Nuro's advanced driving technology to launch the autonomous vehicle robotaxi program.
Is the Lucid Gravity a good electric vehicle?
The Lucid Gravity electric SUV boasts a 450-mile EPA estimated driving range, which is significantly higher than the maximum range of best-selling EVs like the Tesla Model Y (357 miles). Lucid recently set a Guinness World Record for driving range with its electric car, the Lucid Air Grand Touring (749 miles).
The 2026 Lucid Gravity seven-seat electric SUV boasts "magical amounts of interior space" and the "quickest charging speeds in America" according to a vehicle review by InsideEVs. It can recuperate 200 miles of its total driving range in around 11 minutes and is compatible with the Tesla Supercharger network.
Nuro, the autonomous vehicle technology component of the robotaxi partnership, has been "operating fully autonomous vehicles on roads for more than four years" as of 2025, said Co-Founder and CEO Jiajun Zhou. It operates in markets like Texas, California, and Arizona. The company logged "over a million miles of autonomous driving without any accident" according to the CEO.
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