Luxury EV maker Lucid Group (NASDAQ:LCID) closed Tuesday at $7.11, up 5.33%. The stock advanced after confirmation of Uber Technologies’ (NYSE:UBER) $500 million, 11.5% equity stake and enlarged 35,000-vehicle robotaxi commitment. Investors are watching potential moves by Saudi Arabia’s Public Investment Fund (PIF) and execution under new CEO Silvio Napoli. The PIF is Lucid’s largest shareholder.
Trading volume reached 46.9 million shares, coming in about 379% above its three-month average of 9.8 million shares. Lucid Group IPO’d in 2020 and has fallen 93% since going public.
The S&P 500 (SNPINDEX:^GSPC) slipped 0.65% to 7,063, while the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.59% to 24,260. Among auto manufacturers, Tesla (NASDAQ:TSLA) closed at $386.39, down 1.56%, while Rivian Automotive (NASDAQ:RIVN) finished at $17.15, up 1.36%, underscoring mixed sentiment across EV makers.
An updated SEC filing from Lucid showed ride-share leader Uber now owns 37.7 million Lucid shares for an 11.5% stake tied to a previously announced planned $500 million investment.
Uber also plans to enhance its purchase commitment by acquiring a minimum of 35,000 Lucid vehicles specifically designed for inclusion in its forthcoming global robotaxi service.
Earlier this month, Lucid named Silvio Napoli as its new CEO. Investors will be focused intently on whether Napoli can gain traction to accelerate EV sales with help from the company’s new Gravity SUV. That will likely determine the future path of Lucid’s stock price.
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