Lucid Group ( LCID 35.81%) stock is soaring today after the company announced a major new deal in the robotaxi space. The company's share price was up 40.2% as of 1:30 p.m. ET amid the backdrop of a 0.4% gain for the S&P 500 and a 0.7% jump for the Nasdaq Composite.

More than four years after selling its self-driving vehicle division, Uber is pouring hundreds of millions into Lucid to launch its own robotaxis.

Ross Gerber is pushing back against a partnership between rideshare service Uber Technologies Inc. and automaker Lucid Group Inc.

With the ability to cover up to 450 miles on a single charge, the Gravity SUV is expected to function well as a robotaxi, since it will need less downtime for recharging. This way, vehicles will be available for riders more often. Tesla ’s own Model Y is being used as the brand’s robotaxi, but that has nowhere near the range of the Lucid Gravity.

Uber and Lucid today announced a deal to put 20,000 self-driving Gravity SUVs on the road over the next six years, starting in 2026.

As of 10 a.m. ET, shares of Lucid are up 30.1%. Over the next six years, Uber plans on developing a fleet of 20,000 (or more) Lucid vehicles that will operate as robotaxis, which Uber will own and operate or its third-party fleet partners. Riders will have exclusive access to the robotaxi service through the Uber platform.

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