Lucid Motors has appointed a new CEO and expanded its robotaxi partnership with Uber, securing additional funding from the ride-hailing company and Saudi backers.
The luxury EV maker ended a year-long search for a chief executive following Peter Rawlinson's sudden departure. The new CEO comes from an unconventional background—elevator and escalator manufacturer Schindler—rather than the automotive industry.
The appointment coincides with Lucid's expanded robotaxi agreement with Uber, which increases the number of vehicles the companies will deploy. The expanded deal includes fresh investment from both Uber and Saudi Arabia's Public Investment Fund, Lucid's primary financial backer.
Lucid has faced significant challenges, including production delays and cash burn concerns. The new CEO and capital injection signal the company's push to diversify revenue through robotaxi services beyond traditional luxury EV sales. The Uber partnership represents a key revenue stream as Lucid works toward profitability.
Reno-based AI chip startup Positron is in talks to raise approximately $750 million across two funding phases, with valuations climbing from $3.5 billion to $5 billion, according to Bloomberg sources.
AI coding platform Lovable is in talks to raise $300 million at a $13.2 billion valuation, doubling its previous valuation. Menlo Ventures is expected to lead the funding round.
Autonomous drone delivery startup Manna is establishing a U.S. operations and manufacturing facility in Tulsa, Oklahoma. The expansion will eventually create 1,000 jobs.