Lucid Group (LCID) Skyrockets 36% on Uber Investment, Partnership

We recently published Wall Street Shockers: 10 Stocks on Sky High. Lucid Group, Inc. (NASDAQ:LCID) is one of the top-performing companies on Thursday.

Lucid Group surged by 36.24 percent on Thursday to end at $3.12 apiece as investors took heart from a multi-million-dollar investment and partnership with Uber Technologies Inc. (NYSE:UBER).

In a statement on Thursday, Lucid Group, Inc. (NASDAQ:LCID) said that it partnered with Uber for the deployment of more than 20,000 Lucid vehicles equipped with Nuro Inc.’s “Nuro Driver” over the next six years. The vehicles will be launched in a major city in the US next year and operated by Uber or its third-party fleet partners.

Additionally, Uber is set to shell out multi-million-dollar investments in both Lucid Group, Inc. (NASDAQ:LCID) and Nuro Inc.

Lucid Group, Inc. (NASDAQ:LCID) said the partnership combines the industry-leading software-defined vehicle architecture of the Lucid Gravity, the scalability and proven capability of the Nuro Driver Level 4 autonomy system, and Uber’s vast global network and dynamic fleet management, delivering a fully integrated robotaxi experience developed for comfort, safety, and scale.

While we acknowledge the potential of LCID as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.