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Investing.com -- Lucid Group (NASDAQ:LCID) stock surged 35% following the announcement of a partnership with Uber Technologies (NYSE:UBER) and Nuro to develop a next-generation autonomous robotaxi program.
The collaboration aims to deploy 20,000 or more Lucid vehicles equipped with Nuro’s Level 4 autonomy system over six years, exclusively for the Uber ride-hailing platform. The first launch is expected in a major U.S. city later next year.
As part of the deal, Uber plans to make multi-hundred-million dollar investments in both Nuro and Lucid. The vehicles will be owned and operated by Uber or its third-party fleet partners.
The robotaxi program will utilize Lucid Gravity’s advanced technology platform, which features redundant electrical and controls architectures. The vehicles will be integrated with Nuro’s self-driving system during Lucid’s assembly process.
"This investment from Uber further validates Lucid’s fully redundant zonal architecture and highly capable platform as ideal for autonomous vehicles, and our industry-leading range and spacious well-appointed interiors, as ideal for ridesharing," said Marc Winterhoff, Interim CEO at Lucid.
The partners highlighted that Lucid Gravity’s estimated 450-mile EPA range will minimize charging downtime, maximizing vehicle availability and reducing operating costs. The first prototype is already operating autonomously on a closed circuit at Nuro’s Las Vegas proving grounds.
Dara Khosrowshahi, CEO of Uber, stated that autonomous vehicles have "enormous potential to transform our cities for the better," while Nuro’s Co-Founder and CEO Jiajun Zhu emphasized the partnership would demonstrate "what’s possible when proven AV technology meets real-world scale."