There hasn't been a lot to power either the bulls or the bears over the past few days with respect to Lucid Group (LCID -3.04%). Shares of the luxury electric car (EV) manufacturer have mostly idled this week. After the stock closed at $2.29 last Friday, it closed at $2.29 again yesterday. Lucid announced a new partnership with Uber today, however, and it has the bulls' hearts racing.
As of 10 a.m. ET, shares of Lucid are up 30.1%.
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Lucid is helping to build a robotaxi fleet
Over the next six years, Uber plans on developing a fleet of 20,000 (or more) Lucid vehicles that will operate as robotaxis, which Uber will own and operate or its third-party fleet partners. Riders will have exclusive access to the robotaxi service through the Uber platform.
Waxing optimistic about the company's potential, Marc Winterhoff, Lucid's interim CEO, stated, "This is the start of our path to extend our innovation and technology leadership into this multitrillion-dollar market."
The robotaxi fleet will feature Lucid Gravity EVs that incorporate autonomous driving software from Nuro, a leader in self-driving car technology. The robotaxis will operate at Level 4 autonomy.
To help support the development of the robotaxi fleet, Uber will make multimillion-dollar investments in Lucid, as well as Nuro. The companies expect the robotaxi service to launch in 2026 in a major U.S. city.
Is it too late to go for a ride with Lucid stock?
With Tesla so often receiving the lion's share of attention with robotaxi service, it's no wonder that Lucid investors are racing to pick up shares on news of the partnership with Uber. For prospective investors considering a position in Lucid, there's no rush to pile into the stock right now, but this is certainly an encouraging development for the company and may portend similar deals in the future for robotaxi service.
