Cristi Croitoru
Seeking Alpha’s daily roundup of statements, announcements and remarks that could impact markets or individual stocks.
- Uber (NYSE:UBER) said it plans to invest millions in EV maker Lucid (NASDAQ:LCID) as part of a new partnership to expand its robotaxi offerings.
Under the deal, Lucid will supply Uber with more than 20,000 EVs over a six-year period that utilize autonomous driving technology developed by Google-backed startup Nuro. Uber and Lucid plan to launch the robotaxi service next year.
According to CNBC, the investment will be worth around $300 million.
“We’re thrilled to partner with Nuro and Lucid on this new robotaxi program, purpose-built just for the Uber platform, to safely bring the magic of autonomous driving to more people across the world,” said Uber (NYSE:UBER) CEO Dara Khosrowshahi in a statement.
“This investment from Uber further validates Lucid’s fully redundant zonal architecture and highly capable platform as ideal for autonomous vehicles, and our industry-leading range and spacious, well-appointed interiors, as ideal for ridesharing,” said Lucid (NASDAQ:LCID) interim CEO Marc Winterhoff in the same statement. “This is the start of our path to extend our innovation and technology leadership into this multi-trillion-dollar market.”
Uber (UBER) also has a robotaxi partnership with Google’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Waymo.
- Former Federal Reserve Governor Kevin Warsh, who is believed to be a leading candidate to replace Jerome Powell as Fed chair, is calling for “regime change” at the central bank.
“We need regime change in the conduct of policy,” Warsh said during an interview with CNBC on Thursday. “The credibility deficit lies with the incumbents that are at the Fed, in my view.”
Warsh also indicated that he would be at odds with several of the Federal Reserve governors if he were to become chair.
“Their hesitancy to cut rates, I think, is actually quite a quite a mark against them,” Warsh said during the interview. “The specter of the miss they made on inflation, it has stuck with them. So one of the reasons why the President, I think, is right to be pushing the Fed publicly is we need regime change in the conduct of policy.”