Lucid Group Inc. (NASDAQ: LCID) announced it has priced an underwritten public offering of common stock for gross proceeds of $300 million, according to a company statement. The offering is expected to close on April 15, 2026, subject to customary closing conditions.

The electric vehicle manufacturer disclosed that Uber will increase its total investments in Lucid to $500 million, adding $200 million to its previous commitment. As part of this expanded partnership, Uber has committed to purchase at least 35,000 Lucid vehicles designed for its future global robotaxi service.

Ayar Third Investment Company, an affiliate of the Public Investment Fund, will purchase $550 million of Lucid's convertible preferred stock. Combined with the public offering proceeds, the total fundraising amount reaches approximately $1.05 billion.

BofA Securities is serving as the sole underwriter for the public offering. The company stated the offering is being conducted under Lucid's effective shelf registration statement on Form S-3ASR filed with the Securities and Exchange Commission.

Lucid operates manufacturing facilities in Arizona and Saudi Arabia. The company designs and engineers its electric vehicles in-house using what it describes as proprietary technology and software-defined vehicle architectures.

The announcement comes as Lucid continues developing its vehicle lineup and expanding production capabilities. The company has positioned itself in premium segments of the automotive market with its current electric vehicle offerings.