Lucid Group Secures $750 Million Investment From Uber And Saudi Arabia's Public Investment Fund

Lucid Group is set to receive $750 million in new funding as it deepens its robotaxi partnership with Uber, expanding the deal to at least 35,000 vehicles from the previously announced 20,000. An affiliate of Saudi Arabia’s Public Investment Fund will invest $550 million via convertible preferred stock, while Uber will add $200 million, raising its total investment to $500 million.

Summary of transaction details:

• Deal Type: Investment
• Transaction Amount: $750,000,000
• Company Headquarters: Newark, California
• Founders: Bernard Tse, Sam Weng & Sheaupyng Lin
• Notable Investors: Public Investment Fund, Uber

Interim CEO Marc Winterhoff emphasized the strength of partnerships with Uber and the Public Investment Fund. Lucid also disclosed preliminary production of 5,500 vehicles and deliveries of 3,093 units in Q1. Bloomberg reported that Silvio Napoli, a former Schindler executive, is expected to become CEO pending U.S. work visa approval.