Lucid Group's stock moved sharply higher on Tuesday, trading up roughly 12% after ride-hailing company Uber made public that it holds an 11.52% equity stake in the electric vehicle maker. The disclosure follows a $200 million investment that Lucid said Uber committed to last week.
According to a regulatory filing cited by market participants, Uber now owns about 37.8 million shares of Lucid. That position places Uber as the second-largest external investor in the company, behind Saudi Arabia's Public Investment Fund.
Lucid had announced on April 14 that Uber committed an additional $200 million investment and agreed to purchase more Lucid vehicles. Those commitments were restated in statements issued by Lucid earlier this month.
The two firms have also worked together on operational initiatives. Last year, Lucid and Uber formed a partnership to deploy robotaxis on Uber's network, an arrangement referenced in the regulatory disclosures and prior company announcements.
Market reaction to the filing was immediate, with Lucid shares posting the double-digit gain on Tuesday. The disclosure of an 11.52% stake - and the size of the holding reported in the filing - highlights a notable shift in the company's shareholder base, with Uber now occupying a prominent ownership position.
While the filing quantifies Uber's stake at approximately 37.8 million shares, the public record cited does not include further operational details beyond the companies' previously announced commitments to additional investment and vehicle purchases. The filing serves as the formal notification of ownership levels at the time it was submitted.
This development follows prior cooperation between the two companies and represents a continuation of the financial and commercial link between the ride-hailing platform and the EV manufacturer.
Key points
- Lucid shares rose about 12% on Tuesday after Uber disclosed an 11.52% stake following a $200 million investment announced last week.
- Uber holds roughly 37.8 million Lucid shares, making it the company's second-largest stakeholder behind the Public Investment Fund of Saudi Arabia.
- Lucid and Uber previously partnered to deploy robotaxis on Uber's network; Lucid also reported Uber's commitment to buy additional vehicles.
Risks and uncertainties
- Concentration of ownership - Uber now occupies a significant equity position as the second-largest shareholder, which could influence governance dynamics.
- Reliance on stated commitments - public filings note Uber's commitment to further investment and vehicle purchases, but the filing itself does not provide details on execution timing or volumes.