Lucid Group Inc. (NASDAQ: LCID) announced it will receive $1.05 billion in new investments and expand its robotaxi partnership with Uber to at least 35,000 vehicles.

Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund, will purchase $550 million of Lucid's convertible preferred stock. Uber will invest an additional $200 million, bringing its total investment in Lucid to $500 million.

The expanded partnership increases Uber's vehicle purchase commitment to at least 35,000 Lucid vehicles designed for robotaxi service. The fleet will include Lucid Gravity and future Lucid Midsize vehicles.

The companies plan to launch their robotaxi service in the San Francisco Bay Area later this year, building on a partnership that includes Nuro. Autonomous on-road testing began in December 2025, with Lucid completing delivery of test vehicles in February.

"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," said Marc Winterhoff, Interim CEO at Lucid.

Uber CEO Dara Khosrowshahi said the company continues to deepen commitments with Lucid and Nuro due to strong execution against their shared roadmap.

Lucid's planned Midsize vehicle platform is expected to have a starting price under $50,000. The company stated these vehicles will offer similar range to competitors while using smaller battery packs and providing superior interior space and charging speed.

The information is based on a company press release.