Lucid Group Secures $750M in New Funding; Partners with Uber to Deploy 35,000 Autonomous Vehicles
Lucid Group has announced a major capital infusion and a strategic expansion of its partnership with Uber, backed by an additional investment from Ayar Third Investment Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF). Under the deal, Ayar will acquire $550 million in convertible preferred stock, while Uber has increased its commitment with an additional $200 million in the current round. This capital injection is earmarked for accelerating Lucid’s autonomous driving programs and scaling its production capacity.
A key pillar of the agreement is the deployment of a 35,000-vehicle autonomous fleet on the Uber platform. This long-term initiative will integrate the Lucid Gravity SUV and the upcoming Lucid Midsize platform into a global self-driving service. By combining Lucid’s world-class electric drivetrain efficiency with Uber’s massive network, the partners aim to optimize fleet economics and reduce per-mile operational costs. Commercial operations are slated to begin in the San Francisco Bay Area following successful field tests with technology partner Nuro.