Lucid Group Completes $300 Million Investment from Uber
NEWARK, CA – May 16, 2024 – Lucid Group, Inc.today announced the completion of a $300 million investment from uber Technologies, Inc. This strategic partnership aims to advance the growth and deployment of purpose-built electric vehicles (EVs) for the Uber network.
The investment will support LucidS efforts to engineer, design, and build EVs tailored for the ridesharing and delivery markets. Initial plans involve deploying a significant number of vehicles,though specific quantities were not disclosed. A key focus of the collaboration is exploring opportunities within the autonomous driving market, leveraging Lucid’s technology and Uber’s platform.
Lucid anticipates the partnership will prioritize specific timing, focus areas, and vehicle deployment schedules. However, the company cautions that these expectations are subject to inherent risks and uncertainties.
This dialog contains forward-looking statements regarding Lucid’s expectations related to the partnership, vehicle deployment, and expansion into autonomous driving. These statements are based on current assumptions and management expectations, but are not guarantees of future performance. Actual results may differ materially due to factors outlined in Lucid’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Lucid disclaims any obligation to update these forward-looking statements.
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SOURCE Lucid Group
