Saudi Arabia’s sovereign wealth fund is doubling down on its bet on EV maker Lucid Group. The Public Investment Fund (PIF), through its affiliate Ayar Third Investment Co., has committed a fresh $550 million investment as the company scales its global robotaxi ambitions alongside Uber.

The funding comes as Lucid and Uber deepen their commercial partnership, with the US-based automaker set to supply at least 35,000 vehicles for a planned robotaxi network.

The latest capital injection is expected to strengthen Lucid’s balance sheet as it ramps up production, expands its software-defined vehicle platform, and grows manufacturing capacity, including at its facilities in Saudi Arabia.

The deal also aligns with Saudi Arabia’s broader economic diversification strategy, which includes building domestic EV manufacturing capabilities and advancing next-generation mobility technologies.

Marc Winterhoff, interim CEO of Lucid, said the announcement reflects the strength of the company’s partnerships with Uber and PIF.“Today’s announcement demonstrates the growing strength of our relationship with Uber, our continued partnership with the PIF, and the benefits our software-defined EV platforms bring to next-generation mobility networks,” he said.

Winterhoff added that Lucid’s midsize platform is designed to support autonomous mobility at scale by enabling lower costs, simpler manufacturing, and an improved user experience.

Alongside the new PIF investment, Uber has committed an additional $200 million to Lucid, bringing its total investment to $500 million. The ride-hailing company is also increasing its vehicle purchase commitment as it expands its robotaxi plans.

Lucid said the broader partnership builds on earlier agreements with Uber and autonomous driving technology firm Nuro, with commercial deployment expected to begin later this year in the San Francisco Bay Area.

The service will initially use the Lucid Gravity SUV before expanding to the company’s upcoming midsize platform.

Uber CEO Dara Khosrowshahi said the increased investment reflects confidence in Lucid’s technology and execution.

“That strong execution keeps us on track to deepen our investment and increase the number of vehicles we plan to deploy, while Lucid’s future midsize platform creates an even clearer path to stronger unit economics,” he said.

Lucid said its upcoming midsize platform will offer a competitive range with smaller battery packs, greater cost efficiency, and more interior space. Vehicles on the platform are expected to start below $50,000, targeting both consumer and fleet buyers.

The latest funding follows a series of major investments from Saudi Arabia. In 2024, a PIF affiliate committed around $1 billion through a private placement, followed by another $1.5 billion later that year via convertible preferred stock and debt financing.