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

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

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Summary

Transaction Type:Sale

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.

Players

Marc Winterhoff
Marc Winterhoff
2 deals
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U
Uber
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Details

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IMAGE: Group is set to receive $750 million in new funding from its two largest backers as it deepens its robotaxi partnership with Uber and expands the deal to at least 35,000 vehicles, up from a previously announced 20,000. Under the agreement, an affiliate of Saudi Arabia’s Public Investment Fund will invest $550 million via convertible preferred stock, while Uber is adding $200 million, bringing its total investment to $500 million. The expanded fleet will span Lucid’s Gravity SUV and upcoming midsize platform, with autonomous systems developed alongside Nuro, as the company moves toward launching autonomous ride-hailing later this year. Interim CEO Marc Winterhoff said the deal underscores the strength of its partnerships with Uber and the PIF, while Bloomberg reported former Schindler executive Silvio Napoli is slated to become CEO once his U.S. work visa is approved. Shares rose on the news as Lucid also disclosed preliminary Q1 production of 5,500 vehicles and deliveries of 3,093 units. FOUNDERS: Bernard Tse, Sam Weng & Sheaupyng Lin AMOUNT: $750,000,000 HQ: Newark, California

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