Mentioned:
UBER -2.06% LCID -9.95%

Uber is ramping up their bet on robotaxis. Which is exactly why they’re making two new massive strategic investments.

What’s happening:

  • Uber (NYSE: UBER) is making a $300M USD strategic investment into electric vehicle company Lucid (NASDAQ: LCID)

Why it matters:‍

  • The investment from Uber will form a new partnership between Uber and Lucid that is focused on deploying thousands of Lucid vehicles as robotaxis globally

Going deeper:‍

  • Lucid vehicles will integrate full self driving technology that was built by Nuro as part of the new partnership with Uber
  • Uber will directly manage the fleet of Lucid robotaxis and leverage their highly popular ride hailing app for connecting the self driving vehicles with users

The intrigue:

  • Uber has also publicly stated they are also investing hundreds of millions of dollars into Nuro, although the exact amount of the strategic investment has not been publicly disclosed

‍