Latest news with #MarcWinterhoff
Malaysian Reserve
2 days ago
- Automotive
- Malaysian Reserve
Uber to deploy robotaxis with Lucid, Nuro
UBER Technologies Inc is teaming up with electric vehicle (EV) maker Lucid Group Inc and self-driving tech startup Nuro Inc to launch a robotaxi fleet. Uber announced on July 17 it or its third-party partners will purchase and operate Lucid Gravity SUVs outfitted with Nuro Driver technology on its ride-sharing network. The company aims to launch the first vehicle later in 2026 in an unidentified major US city, with plans to deploy at least 20,000 of the robotaxis over six years. The ride-sharing company also announced it's making separate multi-hundred-million-dollar investments in both Lucid and Nuro. That funding will include US$300 million (RM1.41 billion) for Lucid that will be used in part to upgrade to its assembly line to integrate Nuro hardware into the Gravity vehicles, according to the EV company. Lucid won't have issues delivering enough vehicles to meet demand from both Uber and its retail consumer base, the car-maker's interim CEO Marc Winterhoff said. 'We have enough capacity to accommodate both,' he said, while acknowledging Lucid still has 'some issues to overcome' as it ramps up production. 'I don't foresee any shortages.' Lucid shares soared 38% — the biggest gain in more than two and a half years — to US$3.15 on July 17 in regular trading in New York. Uber shares were little changed. Separately, Lucid also said it plans a one-for-10 reverse stock split, subject to shareholder approval. Winterhoff said in the interview the split isn't an effort to avoid delisting, but rather a way to make it easier to attract new investors. The Lucid-Nuro deal adds to more than a dozen partnerships that Uber has announced with autonomous vehicle tech developers and carmakers, including Waymo LLC and Volkswagen Group of America, as it aims to be the go-to commercial app for robotaxis. Last two weeks, Uber announced a partnership with Chinese AV maker Baidu Inc to deploy robotaxis in several non-US markets. Currently autonomous rides are available through the Uber app in Phoenix, Austin, Atlanta and Abu Dhabi. The substantial investments by Uber further underscore its strategy shift away from developing autonomous technology in-house, as it did under co-founder and former CEO Travis Kalanick, in favour of partnering with and investing in firms that specialise in AV. Uber has monetised some of its equity stakes in firms such as autonomous freight company Aurora Innovation Inc to fund future investments in the driverless ecosystem, CEO Dara Khosrowshahi has said. Competition is intensifying in the still-nascent robotaxi market, with EV giant Tesla Inc rolling out its long-promised service in Austin last month and CEO Elon Musk pledging to expand to other cities. Uber first partnered with Nuro in 2022 on food delivery robots. The following year Nuro pivoted from building and scaling custom AVs to focusing on developing autonomous software. The Uber partnership also adds a notable customer for Lucid, one of the few pure play EV makers in the US, as it works to popularise Gravity, its second vehicle model. The company has been working to amp up production and deliveries and has estimated it will produce 20,000 vehicles in 2025, more than double the year before. Prototype robotaxis developed by Lucid and Nuro are already in operation on Nuro's Las Vegas closed-circuit testing grounds. Nuro president Dave Ferguson, who declined to specify the amount of funding it's getting from Uber, told Bloomberg TV in a separate interview that his company and Lucid were able to get a prototype vehicle up and running in about seven weeks. Winterhoff said Uber chose its SUV because the company can integrate the necessary hardware at its factory. Nuro's software will be added once Uber receives the vehicles. Winterhoff had said in a call with investors in May that the company was in advanced discussions with partners about using Gravity for autonomous vehicle purposes. 'This is a stepping stone on our journey to expand our tech leadership from EV and licensing into partnerships in other areas,' Winterhoff said. 'A lot can happen in six years. I really see this as the first starting point.' Lucid also has been working on advanced driver systems and announced earlier this year that it had partnered with King Abdullah University of Science and Technology in Saudi Arabia. Winterhoff said the company still plans to work on its own autonomous and driver assistance technology. This week Lucid separately announced it's adding hands-free drive and lane change assist to its software suite. — Bloomberg This article first appeared in The Malaysian Reserve weekly print edition
The Market Online
6 days ago
- Automotive
- The Market Online
EV maker Lucid forms US critical mineral alliance
Lucid Group (NASDAQ:LCID), a top electric vehicle company, has formed a critical mineral alliance to strengthen the US supply chain destined for automotive manufacturing Members include Alaska Energy Metals (TSXV:AEMC), Electric Metals (TSXV:EML), Graphite One (TSXV:GPH) and RecycLiCo Battery Materials (TSXV:AMY) Lucid Group stock has given back 8.91 per cent year-over-year and 67.95 per cent since inception in 2020 Top electric vehicle player Lucid Group (NASDAQ:LCID) has formed a critical mineral alliance to strengthen the US supply chain destined for automotive manufacturing. This content has been prepared in collaboration with Lucid Group Inc., Alaska Energy Metals Corp., Graphite One Inc., Electric Metals USA Ltd. and RecycLiCo Battery Materials Inc., and is intended for informational purposes only. Members include nickel developer Alaska Energy Metals (TSXV:AEMC), manganese miner Electric Metals (TSXV:EML), metals recovery and battery upcycling specialist RecycLiCo Battery Materials (TSXV:AMY), as well as Graphite One (TSXV:GPH), which is slated to begin production at two facilities in 2028. The alliance, formally known as The Minerals for National Automotive Competitiveness Collaboration (MINAC), will focus on completing offtake agreements for domestic critical minerals for use in American automobiles, in addition to resolving industry barriers and enhancing coordination between the mining and automotive sectors, with eyes on ultimately facilitating customer adoption and market growth. Leadership insights 'Domestic supply chains strengthen manufacturing resilience, fortify sustainable supply chains and accelerate job growth,' Marc Winterhoff, Lucid's interim chief executive officer (CEO), stated in Wednesday's news release. 'Following in the footsteps of our previous agreements, today we are doubling down on our commitment to powering American innovation and look forward to working with our partners as we build the next generation of automotive manufacturing in the United States.' 'By developing resilient automotive supply chains, we establish commercially viable mining operations that also help strengthen the American defense industrial base,' commented Gregory Beischer, president and CEO of Alaska Energy Metals. 'Sourcing minerals domestically enables better regulatory oversight, higher environmental standards, metal source traceability and responsible sourcing. This approach mitigates harmful environmental and human rights risks often associated with foreign mining operations and provides an opportunity to improve the livelihoods of American communities.' 'We are honored to join MINAC in advancing a secure and resilient 100-per-cent domestic supply chain for critical minerals,' commented Brian Savage, CEO of Electric Metals. 'As the developer of the highest-grade manganese deposit in North America, located in Emily, Minnesota, Electric Metals is committed to establishing a domestic source of high-purity manganese products essential to the US electric vehicle, battery and defense industries. With no current domestic production of manganese, our project addresses a critical vulnerability in the nation's supply chain. This collaboration is a strategic step towards reducing reliance on foreign sources and strengthening US industrial and energy security.' 'Graphite One is pleased to be partnered with Lucid via supply chain offtake agreements for both synthetic and natural graphite,' added Anthony Huston, CEO of Graphite One. 'With MINAC representing domestic developers of the essential rechargeable battery materials and Lucid as an end-user, this agreement marks a significant step towards creating the fully US-based supply chain that is an indispensable element of U.S. energy dominance.' 'RecycLiCo is proud to work alongside Lucid and our fellow MINAC collaborators, advancing our shared commitment to robust, sustainable and secure domestic supply chains for critical minerals,' concluded Richard Sadowsky, CEO of RecycLiCo. 'We are actively seeking opportunities to leverage our advanced hydrometallurgical process to efficiently recover high-purity lithium, cobalt, nickel and manganese from end-of-life batteries, manufacturing scrap and newly mined ore to help shape a future-ready critical minerals industry.' About Lucid Group Lucid is a Silicon Valley-based electric vehicle manufacturer. Its award-winning models include the Lucid Air and new Lucid Gravity. Lucid Group stock (NASDAQ:LCID) is up by 1.28 per cent trading at US$3.17 as of 10:39 am ET. The stock has given back 8.91 per cent year-over-year and 67.95 per cent since inception in 2020. Join the discussion: Find out what investors are saying about this EV stock and its critical mineral partners on the Lucid Group Inc., Alaska Energy Metals Corp., Graphite One Inc., Electric Metals USA Ltd. and RecycLiCo Battery Materials Inc. Bullboards and check out the rest of Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
Yahoo
21-07-2025
- Automotive
- Yahoo
Lucid Rockets Higher After 2 Massive Announcements
Key Points Uber will take 20,000 Lucid vehicles with driverless technology for a robotaxi service. Uber's service will start late next year; a Lucid-Nuro prototype is already in testing. Lucid's reverse stock split, if completed, likely won't be well received by the market. 10 stocks we like better than Lucid Group › Don't look now but Lucid Motors (NASDAQ: LCID) just received another boost of momentum, shooting the stock over 40% higher Thursday. The driving force behind its move higher was blasted across headlines: Uber Technologies (NYSE: UBER) to invest $300 million in Lucid to form robotaxi partnership. The great news for investors is that aside from the phenomenal opportunity it presents, is that it could be the last thing it needs to prove to Wall Street. More on this in a second. But don't overlook the second announcement Lucid made Thursday regarding a potential reverse stock split. Let's dive into both developments and what they mean for investors. Show me the money! Uber is the driving force behind this three-headed monster partnership. The deal calls for a new robotaxi service that will take an industry-leading, software-defined vehicle of Lucid's new Gravity SUV, infuse it with Nuro's level 4 autonomy system, and deliver a robotaxi service using Uber's vast global network and fleet management. Uber is targeting a fleet of 20,000 or more Lucid vehicles over the next six years, and the first Lucid-Nuro robotaxi prototype is already operating autonomously on a closed circuit course at Nuro's Las Vegas operations. This deal is big news for Lucid, and the 20,000 vehicles evenly spread over six years is still massive considering the automaker delivered just under 6,500 vehicles for the first half of 2025 and hopes to deliver roughly 20,000 for the full year after accelerating production for the Gravity SUV as we speak. But this development goes beyond the vehicle demand, and it goes beyond the liquidity Uber's $300 million investment represents. This could finally prove to Wall Street that Lucid not only has the advanced technology needed to produce high-quality vehicles but demand for its technology from other companies. Lucid investors should have been insanely jealous when rival EV maker Rivian inked a partnership with Volkswagen to supply the former's technology and software stack for use in Volkswagen vehicles in a deal worth $5.8 billion. "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 Marc Winterhoff, interim CEO at Lucid, in a press release. "This is the start of our path to extend our innovation and technology leadership into this multi-trillion-dollar market." Reverse stock split? Another development that was mostly overlooked thanks to the bombshell Uber and Nuro partnership, perhaps by public relations' design, was that Lucid filed a preliminary proxy statement with the Securities and Exchange Commission (SEC) to enact a special stockholders' meeting to authorize a reverse stock split of the company's class A common stock at a ratio of one-for-ten (1:10). Essentially, Lucid will consolidate its shares, and investors will receive one new share for every 10 of the old shares, and the price per share will multiply by 10. The value investors own is the same, and Lucid's market capitalization won't change; it'll simply boost the trading price of Lucid shares. Generally, a reverse stock split is not looked at favorably by the market, and oftentimes it's a company in financial distress, with a falling stock price and in danger of being delisted by a major stock exchange. In this case, with Lucid trading above $3 currently, the company isn't in immediate danger of being delisted as it would need to trade below $1 for 30 consecutive trading days. For Lucid, this is simply an attempt to make its stock more attractive to large investors that often have a minimum stock price they're allowed to invest in. Many institutional investors and mutual funds have this. What it all means Thursday was a very good day for Lucid. It proved it can package its technology for new revenue streams and inked a highly valuable investment worth $300 million from Uber, all while getting its product out in front of more and more consumers. This is exactly the type of deal Lucid investors were hoping for even if it isn't nearly as lucrative as Rivian's joint venture with Volkswagen. Furthermore, while the market generally disapproves of reverse stock splits, Lucid's doesn't appear to raise the typical red flags. As always, Lucid remains a high-risk, high-reward stock, and it isn't for the faint of heart as big swings such as Thursday's are sure to take place over the next few years. Should you invest $1,000 in Lucid Group right now? Before you buy stock in Lucid Group, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Lucid Group wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $652,133!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,056,790!* Now, it's worth noting Stock Advisor's total average return is 1,048% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 15, 2025 Daniel Miller has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool has a disclosure policy. Lucid Rockets Higher After 2 Massive Announcements was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
18-07-2025
- Automotive
- Yahoo
Uber partners with Lucid and Nuro on robotaxi service
Uber Technologies has partnered with Lucid and Nuro for a 'next-generation premium global robotaxi programme', which is set to launch robotaxi service later next year in a major US city. The service will combine Lucid Gravity's software-defined vehicle architecture, Nuro Driver- Nuro's Level 4 self-driving system, and the global network of Uber to provide a fully integrated robotaxi experience. Uber aims to acquire and deploy 20,000 or above Nuro Driver-equipped Lucid vehicles over a six-year period starting 2026 with a significant investment. Uber or its third-party fleet partners will own and operate these vehicles and make them available exclusively via the Uber platform. The inaugural Lucid-Nuro robotaxi prototype is already in operation at Nuro's proving grounds in Las Vegas. Lucid Interim CEO Marc Winterhoff said: "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. "This is the start of our path to extend our innovation and technology leadership into this multi-trillion-dollar market." The Lucid Gravity's advanced technology and long range make it an ideal candidate for a scalable robotaxi service, while the Nuro Driver's AI-powered software and automotive-grade hardware offer reliability and cost-efficiency at scale, according to the companies. Nuro is said to spearhead the development and validation of the robotaxi's safety case, ensuring safe operation through simulations, testing, and supervised on-road trials. Recently, Lucid Group announced a significant update to its DreamDrive Pro suite of advanced driver assistance systems (ADAS), launching Hands-Free Drive Assist and Hands-Free Lane Change Assist1 to its EV lineup. Also, Uber, in partnership with Baidu, announced that they will deploy several Baidu's Apollo Go autonomous vehicles on its platform in markets outside mainland China and the US. "Uber partners with Lucid and Nuro on robotaxi service" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TimesLIVE
18-07-2025
- Automotive
- TimesLIVE
Uber partners with Lucid, Nuro in $300m robotaxi investment
Uber will invest $300m (R5,339,670,000) in electric vehicle maker Lucid in a robotaxi deal that aims to start with one major US city late next year, the companies said on Thursday. Over six years starting in 2026, Uber will acquire and deploy more than 20,000 Lucid Gravity SUVs that will be equipped with autonomous vehicle (AV) technology from startup Nuro, the three companies said in a statement. The agreement illustrates the renewed plans and push for financing for self-driving cabs years after a first wave of autonomous driving investment produced only a limited number of vehicles. Tesla has recently launched a robotaxi trial in Austin and Alphabet's driverless taxi unit Waymo is speeding up its expansion. As part of their announced deal, Uber will invest hundreds of millions in Lucid and Nuro, which supplies self-driving technology to carmakers, the joint statement said. Of that, $300m will go to Lucid, the EV maker said in a separate filing to the US securities and exchange commission on Thursday. Lucid shares surged more than 26% to $2.95 (R52.50). They have fallen about 24% this year. Uber's latest move underscores its renewed push into the robotaxi space after exiting in 2020. Since then, Uber has pivoted to partnerships with several technology developers, including Waymo and Aurora. The deal with Lucid follows Uber's robotaxi agreement in April with Volkswagen that will supply its vans for commercial service planned for Los Angeles next year. Commercialisng AV tech has been much harder than anticipated with high costs, tight regulations and federal investigations forcing many, including General Motors' Cruise, to shut down. Some in the race include Zoox, which is testing a robotaxi without manual controls and plans to launch commercial services in Las Vegas this year. After years of missed promises, Tesla started a restricted trial with about a dozen of its Model Y SUVs in Austin, Texas, last month. CEO Elon Musk has said it will expand the service rapidly to other US cities this year. Waymo has been growing cautiously for years and operates in several US cities with about 1,500 vehicles. It crossed 160-million kilometres of autonomous driving this month. A prototype of the Lucid-Nuro robotaxi is operating autonomously on a closed circuit at Nuro's testing facility in Las Vegas, the companies said. "We are expanding beyond our traditional EV technology leadership and working on partnerships and going into areas that in the past we have not focused on," Lucid's interim CEO Marc Winterhoff told Reuters. Nuro, co-founded and led by former Waymo engineers, has expanded from making last-mile delivery vehicles to providing its self-driving technology for commercial and passenger vehicles. "We have other very active conversations going on the personal vehicle side, where we would integrate Nuro driver into vehicles that will be sold to end consumers," said Dave Ferguson, Nuro's co-founder and president. Nuro will need to apply for state level operating licences though it holds some licences from their previous delivery operations, he said. Separately, Lucid said it had proposed a one-for-10 reverse stock split of its class A common stock.
