India, April 14 -- Lucid Group Inc. (LCID), a luxury electric vehicle manufacturer and technology company, on Tuesday announced new investments from Ayar Third Investment Co., an affiliate of the Public Investment Fund, and Uber Technologies, Inc. (UBER).
The company also announced an expansion of its robotaxi partnership with Uber to at least 35,000 vehicles.
Ayar Third Investment Co. committed to purchase $550 million of Lucid's convertible preferred stock, while Uber agreed to invest an additional $200 million, increasing its total investment in the company to $500 million.
The investments are expected to strengthen Lucid's capital position and support its strategy to scale software-defined electric vehicles and mobility platforms.
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