Uber inks six-year robotaxi deal with Lucid, invests $300 million in EV company

On Thursday, Uber unveiled an ambitious plan to roll out over 20,000 robotaxis over the next six years, signaling a significant push into the driverless car market. This initiative is part of a strategic partnership with Lucid Motors, the electric vehicle manufacturer, and Nuro, a startup specializing in autonomous vehicles. As part of this collaboration, Uber is set to invest $300 million in Lucid, while Nuro will provide the necessary self-driving technology that Lucid will utilize to produce the robotaxis. The financial backing will also include a substantial investment in Nuro. Following the announcement, Lucid's stock surged by 30%, while Uber's shares saw a modest increase. The companies aim to launch these autonomous vehicles in a major U.S. urban center next year. Uber CEO Dara Khosrowshahi expressed excitement about the partnership, stating, "We're thrilled to partner with Nuro and Lucid on this new robotaxi program, purpose-built just for the Uber platform, to safely bring the magic of autonomous driving to more people across the world." In a recent interview with CNBC, Lucid's interim CEO, Marc Winterhoff, highlighted the partnership as a significant opportunity for Lucid to enter a "completely new" market. Nuro, supported by Google and the SoftBank Vision Fund, will develop a level 4 self-driving system capable of navigating typical traffic and weather conditions without human intervention. This collaboration follows Uber's existing alliance with Waymo, a company also focused on autonomous driving technology, which has recently expanded its service offerings in Atlanta and Austin, Texas. Unlike Waymo's level 4 vehicles, Tesla provides cars equipped with level 2 autonomous features, which still require human oversight. Lucid's Gravity vehicles, boasting a 450-mile range, are expected to enhance operational efficiency and reduce charging times, further increasing accessibility for users. Winterhoff noted that the initiative could encompass future Lucid models currently being developed. Testing for the first prototype is already underway at Nuro's proving grounds in Las Vegas. Earlier this year, Nuro secured $106 million in funding from prominent investors such as T. Rowe Price, Fidelity, Tiger Global, and Greylock. The companies assert that this collaboration represents a viable and scalable blueprint for a successful robotaxi program.