Business · Sherwood News
Lucid climbs after announcements of new CEO and broadened robotaxi partnership with Uber
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Shares of luxury EV maker Lucid climbed more than 12% in premarket trading on Tuesday following two announcements, before news of a public stock offering erased most of the gains.
Key facts
- Uber will increase its investment in Lucid by $200 million, bringing the total to $500 million
- Lucid also announced an expansion of its robotaxi partnership with Uber from 20,000 planned vehicles to 35,000
- Following those updates, Lucid said it would raise an additional $300 million through a public stock offering
- Shares of luxury EV maker Lucid climbed more than 12% in premarket trading on Tuesday following two announcements, before news of a public stock offering erased most of the gains
Summary
First, the company announced it has found a permanent CEO in Silvio Napoli. Lucid has been led by interim CEO Marc Winterhoff for more than a year, who will now step into the role of chief operating officer. Lucid also announced an expansion of its robotaxi partnership with Uber from 20,000 planned vehicles to 35,000. The company is still planning a commercial launch of its robotaxi service with Uber later this year in the Bay Area.