15/04/2026 00:35 AST
Saudi Arabia's Public Investment Fund has committed a fresh $550 million investment to electric vehicle maker Lucid Group through its affiliate Ayar Third Investment Co., as the manufacturer expands its robotaxi partnership.
The new capital comes alongside an expanded commercial agreement between Lucid and Uber, positioning the US-based automaker to supply at least 35,000 vehicles for a planned global robotaxi network.
Together, the investments are expected to strengthen Lucid's balance sheet as it advances its software-defined vehicle platform and scales production capabilities across its operations, including facilities in Saudi Arabia.
The deal adds to a series of funding rounds led by PIF, which remains the manufacturer's largest shareholder and has been a key source of capital as the company works to scale production and extend its liquidity runway.
The investment aligns with Saudi Arabia's long-term industrial strategy, which includes domestic EV manufacturing and technology development as part of its economic diversification plans.
Marc Winterhoff, interim CEO at Lucid, said: "Today's announcement demonstrates the growing strength of our relationship with Uber, our continued partnership with the PIF, and the benefits our software-defined EV platforms bring to next-generation mobility networks."
He said that building on the rapid progress of its collaboration with Lucid Gravity, the midsize platform would enable autonomous mobility at scale through cost efficiency, manufacturing simplicity, and a technology-forward user experience.
"This is yet another milestone in our partnership with Uber and Nuro, and we look forward to building on our momentum together in the years to come," Winterhoff added.
Ayar Third Investment Co.'s $550 million commitment will be deployed through the purchase of convertible preferred stock, reinforcing what Lucid described as a "strategic partnership" with PIF.
The announcement also includes additional funding from Uber, which has committed a further $200 million, bringing its total investment in Lucid to $500 million.
The ride-hailing company is concurrently increasing its vehicle purchase commitment as part of its robotaxi ambitions.
Lucid said the expanded partnership builds on earlier agreements with Uber and autonomous driving technology company Nuro, with commercial deployment targeted to begin later this year in the San Francisco Bay Area.
The service will initially utilize the Lucid Gravity model, with future expansion expected to include the company's upcoming midsize platform.
Uber CEO Dara Khosrowshahi said the company's increased investment reflects confidence in Lucid's execution and technology roadmap.
"That strong execution keeps us on track to deepen our investment and increase the number of vehicles we plan to deploy, while Lucid's future midsize platform creates an even clearer path to stronger unit economics," he said.
"This is all about moving at speed while scaling intelligently to build a leading robotaxi service around the world," Khosrowshahi added.
Lucid's forthcoming midsize vehicle platform is expected to play a central role in the partnership, with the company stating it plans to offer competitive range using smaller battery packs, alongside improved cost efficiency and interior space.
The vehicles are expected to have a starting price below $50,000, targeting both consumer and fleet markets.
Lucid Group's latest capital raise builds on a series of prior funding rounds led largely by PIF.
In 2024, a PIF affiliate committed approximately $1 billion in a private placement, followed by a further $1.5 billion investment in August 2024 combining convertible preferred stock and debt financing.
The company also expanded a $2 billion delayed draw term loan facility with PIF in 2025, underscoring continued Saudi backing as Lucid worked to extend its liquidity runway.
For the full year 2025, the company generated $1.35 billion in revenue, a 68 percent increase year on year, with fourth-quarter revenue reaching $522.7 million. Its annual vehicle deliveries totaled 15,841 units.
In a parallel leadership announcement, Lucid said Silvio Napoli will assume the role of CEO and join the company's board of directors, with plans to relocate from Switzerland to the US.
Interim CEO Winterhoff will transition to chief operating officer once Napoli takes over, marking a leadership reshuffle as the company advances its next phase of growth.
Lucid's shares were trading at approximately $9.75 in early trading on April 14, up 5.52 percent on announcement day.
Arab News
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