Uber is sitting on steep paper losses on its $500 million investment in Lucid Motors, as the EV maker’s stock reached on early Thursday a new record low at $4.47 — equivalent to $0.447 on a pre-reverse split basis. By mid-April, the ride hailing giant held 37.75 million Lucid shares acquired through two separate transactions over the past year. As shares of the Saudi-backed brand closed at $4.70 on Wednesday, the stake was worth approximately $177.4 million — 64.52% below Uber‘s total $500 million investment. The first tranche was announced in July 2025 and officialized in September, when Uber purchased 13.7 million shares for $300 million, implying a cost basis of roughly $21.87 per share. At Wednesday’s close, those shares were worth about $64.5 million — representing a loss of approximately 78.5%. Uber announced a second tranche last April, acquiring roughly 24 million shares for $200 million, or about $8.32 per share. The latest stake is currently valued at approximately $113 million, down about 43.5%. The Original Deal Uber first announced its investment in Lucid on July 17, 2025, as the ride-hailing company, the EV maker and autonomous driving startup Nuro unveiled a three-way robotaxi partnership. Under the deal, Uber committed $300 million in equity and separately agreed to purchase at least 20,000 Lucid Gravity SUVs over six years — for deployment on its platform with Nuro‘s Level 4 autonomous driving system. Lucid shares surged 36% on the announcement, reaching an intraday high of $36.90 on a split-adjusted basis — a level that remained the stock’s 52-week high for nearly a year. Uber routed its investment through its subsidiary SMB Holding Corporation, with the share price set using the arithmetic average of the daily volume-weighted average price over the 30 trading days prior to signing. The deal closed in early