Uber will invest $300 million in electric vehicle maker Lucid in a robotaxi deal that aims to start with one major U.S. city late next year, the companies said on Thursday.

Mark Fields, former Ford CEO, joins 'Power Lunch' to discuss Fields' take on Uber's deal with Lucid, how expensive the Lucid driverless taxis are and much more.

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

The partnership will combine Uber's ride-sharing platform with Lucid's new electric SUV, the Gravity, and Nuro's autonomous driving technology. It'll be launching first in an unnamed "major US city," but is expected to roll out globally to more than 20,000 Lucid vehicles over the next six years.

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.

Lucid shares jumped 36% Thursday on news the EV startup is partnering with self-driving software maker Nuro and rideshare giant Uber Technologies to bring a new group of robotaxis to Uber's platform.

Uber has announced a multi-million dollar partnership with U.S. electric vehicle maker Lucid and robotics company Nuro. The three companies plan to deploy at least 20,000 robotaxis "in dozens of markets around the world" over the next six years, starting in a major U.S. city in 2026.

"We're thrilled to partner with Nuro and Lucid on this new robotaxi program, purpose-built just for the Uber platform, to safely bring the magic of autonomous driving to more people across the world," Uber CEO Dara Khosrowshahi said in a statement.

Uber is investing $300 million in Lucid, a spokesperson for the automaker, Nick Twork, confirmed. The investment in Nuro will be “significantly more than that,” Ferguson said, though he declined to share an exact figure. As part of the deal, Uber will take a seat on Nuro’s board of directors.

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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.

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