Key Points
Investors may be rethinking the deal that brought monster gains for Lucid yesterday.
Uber plans to deploy at least 20,000 Lucid EVs over the next six years.
An influx of cash from Uber is good news for Lucid shareholders.
10 stocks we like better than Lucid Group ›
Lucid Group (NASDAQ: LCID) stock had its largest intraday gain ever yesterday. Shares of the luxury electric vehicle (EV) maker gained as much as 45% before closing about 36% higher in Thursday trading. But investors are rethinking that move today.
Lucid stock sank as much as 8% this morning as investors digested two huge bits of news from yesterday. As of 11:50 a.m. ET, shares have recovered from that drop and remain near breakeven for the day.
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Lucid’s luxury Gravity SUV will be part of Uber’s fleet of autonomous vehicles next year. Image source: Lucid Group.
Big news for Lucid, or just a head fake?
Lucid joined ride-sharing leader Uber Technologies and self-driving technology company Nuro in announcing a new partnership yesterday. The companies plan to deploy at least 20,000 Lucid electric vehicles (EVs) beginning next year for a premium robotaxi program exclusively for Uber’s leading ride-hailing platform.
On the surface, that sounds like a massive win for Lucid. The company produced only about 9,000 vehicles last year and expects a total of about 20,000 this year. So it would represent a welcome backlog to Lucid’s order book at a time when it needs to grow volume. The total EV deployment is expected to be spread over six years, however.
The deal includes a $300 million investment by Uber that will help deepen the relationship for autonomous luxury EVs on the Uber platform. The Lucid Gravity SUV enabled with Nuro’s Level 4 self-driving system provides a 450-mile range on a full battery charge. That should help reduce expenses in Uber’s vehicle fleet.
Lucid is still high risk
Along with the new partnership, Lucid also announced it plans to implement a 1-for-10 reverse stock split. A reverse stock split shows Lucid isn’t coming from a position of strength. It still needs a broader customer base for its products.
One good sign investors can look for is a boost in 2025 delivery guidance when it reports its second-quarter update on Aug. 5. Lucid stock may tread water until then.
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Howard Smith has positions in Lucid Group. The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool has a disclosure policy.
