Investing.com -- Lucid Group shares are trading 12% higher on Tuesday after ride-hailing company Uber disclosed an 11.52% stake in the electric vehicle maker following a $200 million investment announced last week.

On April 14, Lucid said that Uber committed to an additional $200 million investment and to purchasing more Lucid vehicles.

Uber now owns about 37.8 million Lucid shares, according to a regulatory filing, making it the second largest stakeholder in the EV company behind Saudi Arabia's Public Investment Fund.

Last year, Lucid and Uber partnered to deploy robotaxis on Uber's network.