Lucid Group Inc (NASDAQ:LCID) shares leapt 44% in premarket trading on Thursday after a $300 million investment from Uber was announced, with the aim of deploying "20,000 or more" electric robotaxis.
Electric vehicles made by the Californian luxury auto challenger will be equipped with Level 4 self-driving software from Nuro and deployed over six years around the world.
With the first Lucid-Nuro robotaxi prototype being tested on a closed circuit at Nuro’s Las Vegas facility, the first public launch is expected next year in what the companies said would be "a major US city".
Uber will own some of the vehicles, with some owned by its third-party fleet partners and made available to riders via the Uber platform.
Uber, which also plans to make investments in Nuro, views Lucid Gravity’s advanced technology platform and the long range of its vehicles as an "ideal fit for use in a scalable robotaxi offering".
Nuro Driver, Nuro’s 'Level 4' autonomous driving system, will be uploaded with Nuro’s software when the vehicle is commissioned by Uber.
“Autonomous vehicles have enormous potential to transform our cities for the better,” said Dara Khosrowshahi, CEO of Uber.
“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.”