Lucid Group (NASDAQ:LCID) fell 10.1% in afternoon trading on Tuesday and swapped hands at a split-adjusted record low of $17.36 earlier in the session. Lucid’s (NASDAQ:LCID) 1-for-10 reverse stock split became effective at the beginning of trading on Tuesday.
The electric vehicle maker highlighted with its second quarter earnings report that one of its most significant recent developments was the agreement with Nuro and Uber Technologies (UBER), which Lucid (LCID) Interim CEO Marc Winterhoff said represented far more than a commercial transaction. “It is a strategic alignment with two leading players in mobility and autonomy, who choose Lucid Gravity as the core platform for the next-generation robotaxi,” he highlighted.
Uber’s (UBER) planned $300 million investment in Lucid (LCID) will directly support the development and integration of the robotaxi program. Lucid (LCID) sees it as a reflection of external confidence in its underlying architecture and a validation of the broader platform opportunities beyond direct-to-consumer sales.
The Saudi Arabia Public Investment Fund still holds a controlling stake of around 57.6% of the company, per the most recent SEC disclosures.
Shares of Lucid Group (LCID) are down more than 40% on a year-to-date basis, compared to the 18.2% decline for Tesla (TSLA) and 1.5% gain for Rivian Automotive (RIVN).