Gate News message, April 16 — Saudi Arabia’s Public Investment Fund (PIF) is investing $550 million in electric vehicle maker Lucid through its subsidiary Ayar Third Investment Company, purchasing convertible preferred stock. Uber simultaneously committed an additional $200 million, bringing its total investment in Lucid to $500 million, and pledged to purchase at least 35,000 Lucid vehicles exclusively for its future global robotaxi service.
The three-way partnership divides responsibilities: Lucid manufactures vehicles, autonomous driving technology company Nuro supplies self-driving systems, and Uber operates the ride-hailing network. The companies aim for a commercial robotaxi launch in the San Francisco Bay Area in the second half of 2026, starting with the Lucid Gravity SUV. This modular approach contrasts with vertically integrated competitors like Tesla.
Lucid’s stock rose 10.39% in pre-market trading following the announcement. Market reaction suggests investors view fleet supply as a more viable scaling path than competing in the consumer luxury EV market.
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